NEW YORK (Standard&Poor's) March 1, 2005--Continental Airlines Inc. (B/Negative/--) announced yesterday that it had reached tentative agreements with its three major unions to participate in $500 million of annual labor cost concessions. The agreements are subject to approval by the unions' leadership and ratification votes by union members, which the company expects to occur by the end of March 2005. The announcement does not affect Standard&Poor's Ratings Services' ratings or outlook on the company. The new contracts, if approved, would represent a considerable accomplishment, the first case of a large U.S. airline that obtained significant concessions from its labor unions without going into or to the edge of bankruptcy. The speed of the negotiating process, from
