On Nov. 26, 2003, Standard&Poor's Ratings Services assigned preliminary ratings to the $3 billion universal shelf registration filed by AMR Corp. (B-/Stable/--) and its American Airlines Inc. (B-/Stable/--) subsidiary as follows: senior unsecured debt 'CCC' and pass-through certificates 'B+'. Senior unsecured debt is rated lower than the corporate credit ratings because the large proportion of secured debt and leases relative to consolidated owned and leased assets places unsecured creditors in an effectively subordinated position. Pass-through certificates are rated higher than the corporate credit rating, based on collateral coverage and special protection under Section 1110 of the U.S. bankruptcy code; actual ratings on specific securities would depend on the aircraft collateral, loan-to-value, and other features of the certificates. The
