American Airlines Group Inc. (AAG, the parent of American Airlines Inc. and US Airways Group Inc.) emerged from Chapter 11 bankruptcy protection on Dec. 9, 2013, and merged with US Airways Group (parent of US Airways Inc. [U.S. Airways]). AAG was previously known as AMR Corp. We are assigning a 'B' corporate credit rating to AAG, with a stable outlook. We are assigning a 'BB-' issue-level rating to American Airlines' $2.9 billion secured credit facility and $1 billion secured notes due 2016, both with a '1' recovery rating. We are also affirming the 'BB-' issue-level rating on US Airways' $1.6 billion secured term loan, with a '1' recovery rating; the 'B-' issue-level rating on its unsecured notes, with a '5'
