American Airlines Inc. Selected EETC Ratings Raised To 'A+' From 'A' Following Upgrade Of Liquidity Providers

On Oct. 19, 2018, S&P Global Ratings raised its issuer credit ratings on French banks Natixis S.A. and Credit Agricole S.A. to 'A+' from 'A'. These banks or their subsidiaries are liquidity providers for certain American Airlines Inc. enhanced equipment trust certificates (EETCs) and, under our counterparty criteria, our ratings on EETCs generally cannot be higher than our rating on the liquidity provider supporting the certificates. Following a review of the affected American Airlines EETCs, we concluded that the other characteristics of the selected EETCs could support an 'A+' rating now that we rate their liquidity providers 'A+'. Accordingly, we are raising our issue-level ratings on American Airlines' 2014-1 Class A EETCs, 2015-1 Class A EETCs, and the following certificates

...+ On Oct. 19, 2018, S&P Global Ratings raised its issuer credit ratings on French banks Natixis S.A. and Credit Agricole S.A. to 'A+' from 'A'. + These banks or their subsidiaries are liquidity providers for certain American Airlines Inc. enhanced equipment trust certificates (EETCs) and, under our counterparty criteria, our ratings on EETCs generally cannot be higher than our rating on the liquidity provider supporting the certificates. + Following a review of the affected American Airlines EETCs, we concluded that the other characteristics of the selected EETCs could support an 'A+' rating now that we rate their liquidity providers 'A+'. + Accordingly, we are raising our issue-level ratings on American Airlines' 2014-1 Class A EETCs, 2015-1 Class A EETCs, and the following certificates originally issued by US Airways Inc. (since merged into American Airlines Inc.): 2011-1 Class A, 2012-1 Class A, and 2013-1 Class A, to 'A+' from 'A'. + In reviewing the American Airlines EETCs, we also...

Ratings Action