On Jan. 22, 2003, Standard&Poor's Ratings Services placed its 'BB-' corporate credit ratings and other ratings (see list below) for AMR Corp. and subsidiary American Airlines Inc. on CreditWatch with negative implications, reflecting continuing heavy losses and diminishing sources of backup liquidity as available collateral is used for borrowings. AMR reported a net loss of $529 million in the fourth quarter of 2002, a decline from the $734 million net loss, before special items, in the prior-year period, and a full-year 2002 net loss of $3.5 billion ($2.0 billion before special items), an increase from the $1.4 billion net loss, before special items, in 2001. The CreditWatch placement reflects AMR's continuing heavy losses, described by the company's CEO
