Moody’s gives American Airlines EETCs Aa3, A2, Baa3

Moody's Investors Service said it assigned ratings to American Airlines, Inc.'s series 2015-2 enhanced equipment trust certificates: $488.182 million class AA due Sept. 22, 2027 at Aa3, $200.279 million class A due Sept. 22, 2027 at A2 and $200.279 million class B due Sept. 22, 2023 at Baa3.

Proceeds will partially refinance 19 aircraft delivered new to American in 2015, which were originally funded with cash.

American Airlines Group, Inc.’s (AAL) corporate family rating is Ba3.

The outlook on the certificates and on AAL is stable.

AAL will not guarantee American Airlines' obligations under the equipment notes that will fund the pass-through trusts.

Moody’s said the ratings on the certificates reflect the credit quality of American Airlines, the credit benefits of the typical features of EETCs, including the applicability of Section 1110, cross-default and cross-collateralization of the equipment notes, 18-month liquidity facilities on each class and cross-subordination pursuant to the Intercreditor Agreement.

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