On Oct. 20, 2004, Standard&Poor's Ratings Services assigned its 'AAA' rating to Continental Airlines Inc.'s (B/Negative/--) $53.6 Class G pass-through certificates, series 2004-1, and its 'BBB-' rating to the $23.8 million Class B pass-through certificates. The expected maturity for both classes of certificates is Nov. 1, 2011, and the final legal maturity May 1, 2013. The securities are being issued under Rule 144a and placed privately. The rating on the Class G certificates is based on an insurance policy provided by Financial Guaranty Insurance Co. (AAA/Stable/--). The certificates are secured indirectly by spare aircraft engines used on a variety of planes in Continental Airlines' fleet, and the transaction is structured in a manner similar to aircraft-backed enhanced equipment
