...NEW YORK (S&P Global Ratings) May 8, 2018--S&P Global Ratings today assigned its '##+' issue-level rating and '1' recovery rating to American Airlines Inc.'s $1.825 billion term loan due June 2025, which amends and extends its existing $1.825 billion (outstanding) term loan due 2020. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in a hypothetical default scenario. The amended term loan and the company's existing $1.2 billion revolving credit facility due Oct. 13, 2022, are secured by route authorities, takeoff and landing slots, and foreign airport gate leasehold interests that American uses to provide scheduled air service to South America. We base our ratings on the consolidated credit quality of American Airlines' parent, American Airlines Group Inc., and our analysis of recovery prospects for lenders in a hypothetical bankruptcy scenario. International routes are rights granted by the U.S. Department of Transportation and...
