Continental Airlines Inc. is issuing pass-through certificates, series 2009-1, 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 certificates, and are also assigning preliminary ratings to the Rule 415 shelf registration filed April 24, 2009, under which the pass-through certificates are drawn. On June 16, 2009, Standard&Poor's Ratings Services said that it assigned its preliminary 'A-' rating to Continental Airlines Inc.'s series 2009-1 Class A pass-through certificates, with an expected maturity of July 8, 2016, a drawdown under a Rule
