Operates in the cyclical transportation segment, which we assess as having high industry risk; Largest U.S. airline, with a comprehensive route network; and Pricing competition and rising labor costs pressuring earnings, which should nonetheless remain strong in absolute terms. Credit metrics likely to weaken somewhat, but remain supportive of current rating; Heavy capital spending; and Substantial share buybacks. S&P Global Ratings' expects American Airlines Group Inc.'s (AAG) 2016 earnings and cash flow to be weaker than the very strong levels the company posted in 2015. Nonetheless, we anticipate they will remain good in absolute terms and by historical standards. The company's credit ratios will likely deteriorate somewhat, as management continues to spend heavily on new aircraft and share repurchases, pushing
