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S&P: American loan BB-, pass-throughs BBB-
Standard & Poor's said it assigned its BB- rating to American Airlines Inc.'s $1.55 billion debtor-in-possession term loan.
The corporate credit rating on American and its parent, AMR Corp., remains at D.
On June 27, American, operating under Chapter 11 bankruptcy protection, closed on a $1.05 billion DIP term loan and a $1 billion revolving credit facility that it intends to convert to emergence financing.
The company had originally proposed a $1.5 billion DIP term loan, but only issued the $1.05 billion. The company is now proposing adding an incremental $500 million.
S&P said its rating is a point-in-time rating and applies only to the DIP term loan while American is in bankruptcy. The agency expects to rate the emergence facility if and when AMR and American exit bankruptcy.
S&P also announced that it assigned its BBB- rating to American Airlines' series 2013-2 class A pass-through certificates with an expected maturity of Jan. 15, 2023.
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