The steep decline in global air traffic caused by the COVID-19 pandemic and resulting recession has caused a weakening in aircraft values, as well as heavy losses for most airlines. S&P Global Ratings has completed a review of American Airlines Inc.'s enhanced equipment trust certificates (EETCs) as part of a broader review of multiple airlines, and concluded that weaker collateral protection and, in some cases, a higher risk of American Airlines returning aircraft to creditors have undermined credit quality. Accordingly, we are lowering our ratings on 25 American Airlines Inc. EETCs, including some originally issued by US Airways Inc. and America West Airlines Inc. (both since merged into American). The downgrades reflect mostly weak current market values for many aircraft,
