A diverse global route network and partnerships with major airlines in overseas markets; and Adequate liquidity, with substantial cash, but also heavy debt maturities and capital spending plans. Highly leveraged financial profile, with significant intermediate-term debt maturities; Participation in the competitive, cyclical, and capital-intensive U.S. airline industry; and Potential competition from airlines with stronger global route networks. Standard&Poor's Ratings Services' ratings on Ft. Worth, Texas-based AMR Corp., and its major operating subsidiary American Airlines Inc., reflect the company's highly leveraged financial profile, with its significant intermediate-term debt maturities, and risks associated with participation in the price-competitive, cyclical, and capital-intensive airline industry. The ratings also incorporate AMR's adequate liquidity and diverse global route network. We characterize AMR's business risk
