American Airlines Inc.'s 2021-1 Class A Pass-Through Certificates Assigned Preliminary 'A- (sf)' Rating

NEW YORK (S&P Global Ratings) Oct. 25, 2021--S&P Global Ratings today assigned its preliminary 'A- (sf)' issue-level rating to American Airlines Inc.'s series 2021-1 Class A pass-through enhanced equipment trust certificates (EETCs). American Airlines plans to finance 16 new aircraft and refinance five existing aircraft with about $592 million of Class A certificates, and the company may offer Class B certificates. The Class A certificates have an expected final distribution date of July 11, 2030, with legal final maturity occurring 18 months later. The transaction will be backed by 16 new Airbus A321neo and five Embraer E175LR aircraft--with the Airbus aircraft to be delivered between January and June 2022. The E175LR aircraft were delivered in 2020. We view these planes

...October 25, 2021 NEW YORK (S&P Global Ratings) Oct. 25, 2021--S&P Global Ratings today assigned its preliminary 'A- (sf)' issue-level rating to American Airlines Inc.'s series 2021-1 Class A pass-through enhanced equipment trust certificates (EETCs). American Airlines plans to finance 16 new aircraft and refinance five existing aircraft with about $592 million of Class A certificates, and the company may offer Class B certificates. The Class A certificates have an expected final distribution date of July 11, 2030, with legal final maturity occurring 18 months later. The transaction will be backed by 16 new Airbus A321neo and five Embraer E175LR aircraft--with the Airbus aircraft to be delivered between January and June 2022. The E175LR aircraft were delivered in 2020. We view these planes as valuable collateral with relatively low technological or liquidity risks. Our current ratings on American Airlines and its debt, including our ratings on its existing EETCs, are unchanged. We will assign...

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