Continental Airlines Inc. is issuing pass-through certificates, series 2009-2, to finance new aircraft deliveries and refinance existing owned planes. We consider the aircraft collateral to be generally good; cross-collateralization and cross-default provisions enhance the likelihood of Continental continuing to pay on the certificates in any bankruptcy scenario. We are assigning our preliminary 'A-' rating to the Class A certificates, and our preliminary 'BBB-' rating to the Class B certificates. On Oct. 27, 2009, Standard&Poor's Ratings Services said that it assigned its preliminary 'A-' rating to Continental Airlines Inc.'s $474.3 million series 2009-2 Class A pass-through certificates, with an expected maturity of Nov. 10, 2019, and its preliminary 'BBB-' rating to the $105.0 million Class B pass-through certificates, with
