On Oct. 16, 2002, Standard&Poor's Ratings Services lowered its ratings on American Airlines Inc.'s (BB-/Negative/--) 2001-1, class A1 pass-through certificates to 'A' from 'A+'; class A2 to 'A+' from 'AA-'; class B to 'BBB' from 'BBB+', class C to 'BB' form 'BB+', and class D to BB-' from 'BB'. Other ratings of American Airlines Inc. and parent AMR Corp. (BB-/Negative) were affirmed (see list below). The downgrade followed American's announcement that it will ground and place into storage 28 MD80 and 14 B767-200 aircraft in 2003, storing them until at least 2005. The 2001-1 pass-through certificates finance a portfolio of aircraft that include 32 MD83 (originally representing about half the portfolio value, now about 40%). Based on American's
