Moody’s: American Airlines pass-throughs Aa3, A2

Moody's Investors Service said it assigned ratings to American Airlines, Inc.'s pass through certificates, series 2017-1: $404.943 million class AA with a legal final maturity date of Aug. 15, 2030 at Aa3; and $187.553 million class A with a legal final maturity date of Aug. 15, 2030 at A2.

The scheduled maturity dates precede the respective legal final maturity dates by 18 months.

Proceeds will finance 18 new aircraft delivered to American between January and May.

The Ba3 corporate family rating of American Airlines Group, Inc. (AAL) is unaffected. The outlook on the certificates and on AAL including, American, is stable.

Moody’s said the ratings of the certificates reflect the credit quality of American, the credit benefits of the typical features of enhanced equipment trust certificates, including the applicability of section 1110, cross-default and cross-collateralization of the equipment notes, separate 18-month liquidity facilities on each class, and cross-subordination pursuant to the intercreditor agreement.

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