NEW YORK (Standard&Poor's) Nov. 1, 2011--Standard&Poor's Ratings Services today assigned its 'B-' issue rating to airport revenue bonds secured by payments from Continental Airlines Inc. (B/Stable/--). Although the bonds--Airport System Special Facilities Revenue and Refunding Bonds (Continental Airlines Inc. Terminal Improvement Projects), Series 2011 (AMT)--are issued by the city of Houston ('AA/Stable' general obligation rating), the debt is serviced from rentals that Continental will pay under a special facilities lease, an arrangement typical for airport revenue bonds. Continental will use proceeds from the bonds to finance construction of certain improvements to passenger terminals at George Bush Intercontinental Airport and, if market conditions are conducive to issuing a sufficient amount of bonds, to refund a portion of
