On April 2, 2008, Standard&Poor's Ratings Services reinstated ratings on two of Continental Airlines Inc.'s debt issues that are insured by Financial Guaranty Insurance Co. (FGIC; BB/Negative/--). We reinstated the rating on the $53.6 million 2004-1 class G pass-through certificates at 'A' and the rating on the $190 million 2006-1 class G floating rate pass-through certificates at 'BBB'. Ratings were suspended March 28, 2008, when we downgraded FGIC to a level below those of the confidential Standard&Poor's Underlying Ratings (SPUR). The new ratings reflect the SPURs. The 2004-1 pass-through certificates are secured indirectly by spare engines used on a variety of planes in Continental's fleet, and the transaction is structured in a manner similar to aircraft-backed
