Four United Airlines Inc. EETCs Upgraded On Revised Counterparty Criteria

NEW YORK (S&P Global Ratings) March 27, 2019--S&P Global Ratings today raised its issue-level ratings on four enhanced equipment trust certificates (EETC) of United Airlines Inc. We raised our ratings on the Continental Airlines Holdings Inc. (since merged into United) 2001-1 Class A-1 and 2010-1 Class A EETCs to 'A+ (sf)' from 'A (sf)'. We also raised United's 2014-2 Class A certificates to 'A+ (sf)' from 'A (sf)' and the 2015-1 Class AA to 'AA+ (sf)' from 'AA (sf)'. We removed the 'UCO' (under criteria observation) subscript from all the ratings. The upgrades are based on application of recently implemented "Counterparty Risk Framework: Methodology And Assumptions" (published March 8, 2019) criteria. Under the new criteria, the rating on a liquidity

...NEW YORK (S&P Global Ratings) March 27, 2019--S&P Global Ratings today raised its issue-level ratings on four enhanced equipment trust certificates (EETC) of United Airlines Inc. We raised our ratings on the Continental Airlines Holdings Inc. (since merged into United) 2001-1 Class A-1 and 2010-1 Class A EETCs to 'A+ (sf)' from 'A (sf)'. We also raised United's 2014-2 Class A certificates to 'A+ (sf)' from 'A (sf)' and the 2015-1 Class ## to '##+ (sf)' from '## (sf)'. We removed the 'UCO' (under criteria observation) subscript from all the ratings. The upgrades are based on application of recently implemented "Counterparty Risk Framework: Methodology And Assumptions" (published March 8, 2019) criteria. Under the new criteria, the rating on a liquidity provider supporting an EETC in most instances will not constrain the issue rating on the certificates as much as under the previous counterparty criteria. The liquidity provider for the two Continental EETCs is Landesbank Hessen-Thueringen...

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