On April 17, 2003, Standard&Poor's Ratings Services stated that its ratings on AMR Corp. (CCC/Watch Dev./--) and subsidiary American Airlines Inc. (CCC/Watch Dev./--) remain on CreditWatch with developing implications, where they were placed on March 28, 2003. The CreditWatch update followed approval by American's flight attendants of a concessionary contract. The April 16 vote reversed a negative outcome of a day earlier and averted immediate threatened bankruptcy filings by AMR and American. The flight attendants' approval completes a package of $1.8 billion in labor concessions that should materially improve American's operating cost structure, narrowing the airline's losses and operating cash outflow. American, the world's largest airline, continues to face a weak revenue environment and AMR carries a consolidated
