AMR Corp. (BB-/Negative/--) reported a heavy second-quarter 2002 net loss of $495 million, following its first-quarter deficit of $575 million, reflecting a continuing weak revenue environment. Standard&Poor's ratings for AMR and subsidiary American Airlines Inc. (BB-/Negative/--), which were lowered to current levels June 28, 2002, and outlooks for both entities are not affected. American Airlines' revenue performance was weak, with a 10% decline in passenger revenues per available seat mile, worse than the expected industry average decline for the quarter. This reflects in part the airline's concentration in several particularly weak markets: domestic business markets, routes to the U.K., and routes to South America. Cost performance was better, with cost per available seat mile up less than 1%,
