Operates in the cyclical transportation segment, which we assess as having "high" industry risk Largest U.S. airline, with extensive route network Above average profitability supported by low fuel prices and revenue and cost synergies from the merger of American Airlines Inc. and US Airways Inc. Substantial debt and debt-like obligations (off-balance-sheet leases and retiree obligations) Strong cash flow generation Sizeable capital spending commitments The stable outlook reflects our expectation that American Airlines Group Inc. (AAG) will report strong earnings and improved credit measures in 2015; however, we believe that the company's credit measures will level off in 2016. We could raise our ratings on the company if stronger-than-expected earnings and cash flow or reduced levels of capital spending and share
