...June 23, 2020 NEW YORK (S&P Global Ratings) June 23, 2020--S&P Global Ratings today assigned its 'B+' issue-level rating and '1' recovery rating to American Airlines Inc.'s proposed $500 million term loan B due 2024 and $1.5 billion secured notes due 2025. The '1' recovery rating indicates our expectation that lenders would receive very high (90%-100%; rounded estimate: 95%) recovery of their principal in the event of a payment default. We also reassessed all existing recovery ratings and rounded estimates because of the higher level of secured debt in the capital structure, which includes the proposed transactions as well as the proposed $4.75 billion government loan secured by the company's frequent flyer program expected to close at the end of June 2020. As a result, we took the following rating actions on the company's existing issues: - Affirming our 'B+' rating on the company's existing first-lien term loan secured by slots, gates, and routes (SGR) at London Heathrow. The recovery...
