NEW YORK (Standard&Poor's) Jan. 20, 2005--Continental Airlines Inc. (B/Negative/--) reported a fourth-quarter 2004 net loss of $206 million (including $32 million of special charges). That loss, much worse than the year-earlier result, was nonetheless not as poor as those reported by other large, hub-and-spoke U.S. airlines thus far. Standard&Poor's Ratings Services said that its ratings and outlook on Continental are not affected. The company continues to press hard for agreement by Feb. 28, 2005, on new labor contracts that would save $500 million annually. About $169 million of the savings, from management and nonunion employees, are in place. Erosion of prices in the domestic market, accelerated by Delta Air Lines Inc.'s recent widespread fare restructuring (which
