NEW YORK (Standard&Poor's CreditWire) Dec. 14, 1999--Standard&Poor's today affirmed its ratings on AMR Corp. and unit American Airlines Inc. (see list below), following AMR's announcement that it will spin off its 82.7%-owned Sabre Holdings Inc. subsidiary to shareholders. The outlook remains stable. AMR plans to complete the spin-off, effected through a tax-free distribution of shares, in the first quarter of 2000. Prior to that, Sabre will dividend to its shareholders $675 million in cash, of which AMR will receive about $558 million. Those proceeds are expected to be used to fund capital expenditures and repay debt, rather than for share repurchases, mitigating the transaction's credit impact. Lease-adjusted debt to capital, pro forma for the spin-off, should
