...February 20, 2020 NEW YORK (S&P Global Ratings) Feb. 20, 2020--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery rating to American Airlines Group Inc.'s proposed $500 million senior unsecured notes due 2025. The '3' recovery rating indicates our expectation that lenders would receive meaningful (50%-70%; rounded estimate: 65%) recovery of their principal in the event of a payment default. American Airlines Group Inc. is the parent of American Airlines Inc. The company will use the proceeds from these notes to fund contributions to its pension plan.Existing recovery ratings are unchanged. The recovery ratings reflect the company's greater-than-expected amortization on its secured debt, which has increased the amount of collateral available for the unsecured noteholders in a simulated default scenario. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors - We are maintaining our '1' recovery rating (rounded estimate: 95%) and '##+' issue-level rating on American...
