On July 17, 2002, Standard&Poor's assigned its 'BB-' rating to the $500 million New York City Industrial Development Agency special facility revenue bonds (American Airlines Inc. John F. Kennedy International Airport Project), series 2002A-D. Bonds will be serviced by payments made by American Airlines Inc. (BB-/Negative/--) under a lease between the airline and the agency. Other ratings for American Airlines and its parent, AMR Corp. (BB-/Negative/--) are affirmed. The JFK Airport bonds, like American Airlines' other airport revenue bonds, are rated at the same level as its corporate credit rating, and higher than its senior unsecured debt, because bondholders are likely to fare better in any bankruptcy than would general unsecured creditors. The terminal that the bonds are
