...June 24, 2021 NEW YORK (S&P Global Ratings) June 24, 2021--S&P Global Ratings lowered its issue-level ratings on 14 American Airlines Inc. enhanced equipment trust certificates (EETCs) following a review prompted by our publication of new criteria for rating such issues ("Methodology And Assumptions For Rating Aircraft-Backed Debt And Enhanced Equipment Trust Certificates," May 26, 2021). We removed our "under criteria observation" (UCO) indicator from the affected ratings. Our analysis of equipment trust certificate (ETC) or EETC ratings under the new criteria typically starts with our issuer credit rating (ICR) on the airline that operates the aircraft. It adds any applicable notches for the likelihood that an airline will successfully reorganize in bankruptcy and continue to make payments on the ETC or EETC (which we call "affirmation credit"). We may adjust--by reducing those notches--for any adverse legal considerations that may arise from the jurisdiction in which the airline operates....
