NEW YORK (S&P Global Ratings) Oct. 25, 2021--American Airlines Inc. has filed a prospectus to upsize to $757.8 million from $591.9 million its 2020-1 Class A pass-through certificates, which the airline offered this morning. The proposed change does not affect our preliminary 'A- (sf)' rating on the certificates. American is increasing the collateral that backs the certificates, adding five A321neo aircraft. The peak loan-to-value, using the values that we focus on and our depreciation assumptions, is 59%, the same as in the original offering. Please see our release "American Airlines Inc.'s 2021-1 Class A Pass-Through Certificates Assigned Preliminary 'A-(sf)' Rating," published Oct. 25, 2021, for further analysis.
