NEW YORK (Standard&Poor's) March 14, 2002-- Standard&Poor's said today it assigned its double-'B' rating to the $298.2 million Regional Airports Improvement Corporation Facilities Sublease Revenue Bonds, series 2002A-1, 2002B, and 2002C, financing American Airlines Inc.'s (BB/Watch Neg/--) Terminal 4 project at Los Angeles International Airport, and placed the ratings on CreditWatch with negative implications. "The rating is equivalent to American Airlines' corporate credit rating, because American is obligated under a lease to pay rentals that will cover bond principal and interest," said Standard&Poor's credit analyst Philip Baggaley. The rating is placed on CreditWatch because the ratings for American are currently on CreditWatch. The bonds benefit also from a guaranty by American's parent AMR Corp.
