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S&P rates American Airlines pass-throughs A, BBB-
Standard & Poor's said it assigned an A (sf) issue rating to American Airlines Inc.'s series 2014-1 class A pass-through certificates, which have an expected maturity of Oct. 1, 2026.
At the same time, the agency assigned a BBB- (sf) issue rating to the company's series 2014-1 class B pass-through certificates, which have an expected maturity of Oct. 1, 2022.
The final legal maturity dates will be 18 months after the expected maturity dates. American Airlines is issuing the certificates under a Rule 415 shelf registration.
S&P bases the ratings on the credit quality of American Airlines' parent, American Airlines Group Inc., the substantial collateral coverage by good quality aircraft and the legal and structural protections available to the pass-through certificates.
American Airlines will use proceeds from the offerings to refinance five Boeing B777-300ER (extended range) aircraft, five Airbus A319-100 aircraft and seven Airbus A321-200 aircraft that were delivered in 2012-2014.
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