Continental Airlines Inc. today announced an agreement to merge with UAL Corp., parent of United Air Lines Inc. in a stock-for-stock transaction, which would create the largest U.S. airline. If the merger is completed, we expect that our corporate credit rating on the combined entity would be either 'B', the current corporate credit rating on Continental, or 'B-', the rating on UAL and United. We are placing our 'B' corporate credit rating on Continental, and our ratings on the secured and unsecured debt of these entities, on CreditWatch with negative implications. We are placing our ratings on Continental's enhanced equipment trust certificates on CreditWatch with developing implications. We will evaluate the credit risks and opportunities of the proposed combination, including
