On Feb. 24, 2005, Standard&Poor's Ratings Services placed its ratings on enhanced equipment trust certificates of AMR Corp. unit American Airlines Inc. (both B-/Stable/--), excepting issues that are supported by bond insurance policies, on CreditWatch with negative implications as part of a broader review of aircraft-backed debt. The CreditWatch review of aircraft-backed debt is prompted by Standard&Poor's concern that a prolonged difficult airline industry environment, characterized by high fuel prices, excess capacity, and intense price competition in the domestic market, has weakened the financial condition of almost all U.S. airlines and increased the risk of widespread simultaneous bankruptcies. In such a scenario, which could be triggered by renewed terrorism, a further spike upward in fuel prices,
