American Airlines Group Inc.'s Proposed $350 Million Senior Unsecured Notes Due 2022 Rated 'BB-' (Recovery Rating: '4')

NEW YORK (S&P Global Ratings) May 16, 2019--S&P Global Ratings today assigned its 'BB-' issue-level rating and '4' recovery rating to American Airlines Group Inc.'s proposed $350 million senior unsecured notes due 2022 (guaranteed by subsidiary American Airlines Inc.). The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in a bankruptcy scenario. At the same time, we affirmed our 'BB-' issue-level rating on the company's existing senior unsecured notes. The '4' recovery rating (rounded estimate: 40%) remains unchanged. In addition, we affirmed our 'BB+' issue-level rating on American Airlines Inc.'s various senior secured bank facilities. The '1' recovery rating remains unchanged, indicating our expectation for very high (90%-100%; rounded estimate: 95%) recovery in a bankruptcy

...May 16, 2019 NEW YORK (S&P Global Ratings) May 16, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '4' recovery rating to American Airlines Group Inc.'s proposed $350 million senior unsecured notes due 2022 (guaranteed by subsidiary American Airlines Inc.). The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in a bankruptcy scenario. At the same time, we affirmed our '##-' issue-level rating on the company's existing senior unsecured notes. The '4' recovery rating (rounded estimate: 40%) remains unchanged. In addition, we affirmed our '##+' issue-level rating on American Airlines Inc.'s various senior secured bank facilities. The '1' recovery rating remains unchanged, indicating our expectation for very high (90%-100%; rounded estimate: 95%) recovery in a bankruptcy scenario. The rating actions reflect our updated recovery analysis on American Airlines Group and American Airlines Inc. As detailed below, we do not...

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