NEW YORK (Standard&Poor's) Dec. 2, 2010--Standard&Poor's Ratings Services said today that it has assigned its 'A-'(sf) rating to Continental Airlines Inc.'s (Continental) series 2010-1 class A pass-through certificates with an expected maturity of Jan. 12, 2021, and its 'BBB-'(sf) rating to the class B pass-through certificates with an expected maturity of Jan. 12, 2019. The final legal maturities will be 18 months after the expected maturity. The issues are drawdowns under a Rule 415 shelf registration. The ratings are each based on Continental's credit quality, substantial collateral coverage provided by a combination of very desirable and somewhat less-liquid aircraft, and legal and structural protections available to the pass-through certificates. The company will use the proceeds of
