On May 23, 2007, Standard&Poor's Ratings Services assigned its 'CCC+' rating to American Airlines Inc.'s (B/Positive/--) $125 million Dallas/Fort Worth (DFW) International Airport special facility revenue refunding bonds, series 2007, due 2030. The bonds are guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and are secured by payments made by American to the airport authority. Proceeds are being used to refund the outstanding revenue bonds, series 1992 (rated 'CCC+'), whose rating is withdrawn. The DFW revenue bonds are the equivalent of unsecured debt of American and parent AMR Corp., and are accordingly rated 'CCC+'. Unsecured debt of American and AMR is rated two notches lower than the 'B' corporate credit ratings on the companies, due to the large amount
