American Airlines Group Inc. 'BB-' Corporate Credit Rating Affirmed; Selected EETC Ratings Revised

We expect Fort Worth, Texas-based American Airlines Group Inc.'s (AAG) credit measures to weaken slightly in 2017, as a result of lower earnings and heavy capital spending, but they should still support our rating on the company. We are affirming our 'BB-' corporate credit rating on AAG and most issue-level ratings. We are revising our ratings on selected enhanced equipment trust certificates (EETCs) as a result of changes in collateral coverage outside of our previous expectations. The stable outlook reflects our expectation that, despite some near-term softening, AAG's credit ratios should improve in 2018 and continue to support the rating, with funds flow to debt averaging around 20% over 2017-2018. NEW YORK (S&P Global Ratings) July 25, 2017-- S&P Global

...+ We expect Fort Worth, Texas-based American Airlines Group Inc.'s (AAG) credit measures to weaken slightly in 2017, as a result of lower earnings and heavy capital spending, but they should still support our rating on the company. + We are affirming our '##-' corporate credit rating on AAG and most issue-level ratings. + We are revising our ratings on selected enhanced equipment trust certificates (EETCs) as a result of changes in collateral coverage outside of our previous expectations. + The stable outlook reflects our expectation that, despite some near-term softening, AAG's credit ratios should improve in 2018 and continue to support the rating, with funds flow to debt averaging around 20% over 2017-2018. NEW YORK (S&P Global Ratings) July 25, 2017-- S&P Global Ratings today affirmed its '##-' corporate credit rating and most of its issue-level ratings on American Airlines Group Inc. and subsidiary American Airlines Inc. We revised our ratings on selected EETCs because of changes in...

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