NEW YORK (S&P Global Ratings) June 24, 2021--S&P Global Ratings took rating actions on the issue-level ratings of six United Airlines Inc. enhanced equipment trust certificates (EETCs) following a review prompted by our publication of new criteria for rating such issues ("Methodology And Assumptions For Rating Aircraft-Backed Debt And Enhanced Equipment Trust Certificates," May 26, 2021). We removed our "under criteria observation" (UCO) indicator from the affected ratings. Our analysis of equipment trust certificate (ETC) or EETC ratings under the new criteria typically starts with our issuer credit rating (ICR) on the airline that operates the aircraft, and adds any applicable notches for the likelihood that an airline will successfully reorganize in bankruptcy and continue to make payments on the
