AMR Corp. has obtained about $5 billion of liquidity and financing through secured debt, convertible debt, and common stock offerings since the end of the second quarter. These actions, and initial signs of improving airline traffic and yield trends, have allayed our concerns over the company's near-term liquidity outlook. We are affirming our corporate credit ratings on AMR and subsidiary American Airlines Inc. We are removing all ratings from CreditWatch, where we placed them with negative implications on July 22, 2009. We also are taking various rating actions, including selected downgrades, on American's pass-through certificates, reflecting reduced collateral coverage. The long-term ratings outlook is negative, reflecting AMR's still very weak financial profile and vulnerability to renewed revenue deterioration or sharp
