NEW YORK (Standard&Poor's) April 17, 2003--Flight attendants of AMR Corp. (CCC/Watch Dev./--) unit American Airlines Inc. (CCC/Watch Dev./--) narrowly approved a concessionary contract on April 16, 2003, reversing the negative vote of a day earlier and averting the immediate threat of bankruptcy filings by both entities. Standard&Poor's Ratings Services said its ratings on AMR and American remain on CreditWatch with developing implications, where they were placed on March 28, 2003. "The flight attendants' approval completes a package of $1.8 billion in labor concessions that should materially improve American's operating cost structure, narrowing the airline's losses and operating cash outflow," said Standard&Poor's credit analyst Philip Baggaley. "Still, American faces a weak revenue environment and carries
