On May 22, 2008, Standard&Poor's Ratings Services placed its ratings on AMR Corp. (B/Watch Neg/B-3) and subsidiary American Airlines Inc. (B/Watch Neg/--) on CreditWatch with negative implications, due to record high fuel prices. Ratings on 'AAA' rated, bond-insured enhanced equipment trust certificates are not included in the CreditWatch listing. The review, which is being undertaken also for other rated U.S. airlines, is prompted by the dramatic increase in jet fuel prices, which has caused a material weakening of the financial outlook. We had revised our outlook on AMR and American to negative March 24, 2008, but the increase in fuel prices over the past two months has further undermined their financial prospects. AMR currently has adequate liquidity, with
