NEW YORK (Standard&Poor's) Dec. 12, 2012--Standard&Poor's Ratings Services said today that it has assigned its preliminary 'B+'(sf) rating to Continental Airlines Inc.'s $425 million series 2012-3 Class C pass-through certificates with an expected maturity of April 29, 2018. Continental is issuing the certificates under a Rule 415 shelf registration. We will assign final ratings after concluding a legal review of the documentation. The 2012-3 Class C (2012-3C) pass-through certificates will be serviced by cash flows from new Class C notes secured by each of the aircraft financed by Continental's 2012-1 and 2012-2 pass-through certificates. Thus, the 2012-3C certificates rank junior to the existing Class A and Class B certificates of the 2012-1 and 2012-2 transactions. The
