NEW YORK (Standard&Poor's) Sept. 13, 2005--Standard&Poor's Ratings Services today assigned its preliminary 'BBB-' ratings to Continental Airlines Inc.'s (B/Negative/--) $255.2 million Class A pass-through certificates series 2005-ERJ1 due June 1, 2022 (final maturity date; final expected distribution is Dec. 1, 2020). Final ratings will be assigned upon completion of the review of legal documentation. "The 'BBB-' preliminary rating on the pass-through certificates is based on the credit quality of Continental, plus credit for the likelihood that the airline would affirm the financings on each individual aircraft, conservative collateral coverage provided by the aircraft, favorable legal treatment under the U.S. Bankruptcy Code, and a dedicated liquidity facility," said Standard&Poor's credit analyst Philip Baggaley. Ratings on
