AMR Corp. (BB/Watch Neg/--), parent of American Airlines Inc. (BB/Watch Neg/--), reported a substantial first-quarter net loss of $548 million (before a $27 million special tax charge). Standard&Poor's ratings for both entities remain on CreditWatch; they were lowered to current levels Sept. 19, 2001. The loss reflected the industrywide weak revenue conditions, particularly for business travel. The pretax margin before special items, negative 21%, was less unfavorable than the negative 31% recorded in the fourth quarter of 2001, but worse than those of other large U.S. airlines that have reported thus far (Continental Airlines Inc., negative 9%; and Delta Air Lines Inc., negative 17%). The daily operating cash deficit ("cash burn") narrowed to about $5 million, versus $9
