On April 21, 2005, Standard&Poor's Ratings Services lowered its ratings on selected equipment trust certificates (ETCs) and enhanced equipment trust certificates (EETCs) of AMR Corp. unit American Airlines Inc. as part of an industrywide review of aircraft-backed debt. The ratings were removed were removed from CreditWatch with negative implications, where they were placed on Feb. 24, 2005. The rating actions reflect Standard&Poor's concern that repayment prospects for holders of aircraft-backed debt could suffer in a potential scenario of multiple, further bankruptcies of large U.S. airlines weakened by high fuel prices and intense price competition. Downgrades of ETCs and EETCs were focused on debt instruments that would be hurt in such a scenario, particularly debt backed by
