NEW YORK (Standard&Poor's) June 15, 2004--Standard&Poor's Ratings Services said today it assigned its preliminary 'BBB-' ratings to Continental Airlines Inc.'s (B/Negative/--) $299.6 million Class A pass-through certificates series 2004-ERJ1 due Sept. 1, 2021 (final maturity date; final expected distribution is March 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 conservative collateral coverage by desirable aircraft, favorable legal treatment under the U.S. Bankruptcy Code, and a dedicated liquidity facility," said Standard&Poor's credit analyst Philip Baggaley. Houston, Texas-based Continental, the fifth-largest U.S. airline, is recovering from the effects of the industrywide crisis
