AMR Corp. reported a $436 million net loss in the first quarter of 2011, and has substantial debt maturities and capital spending commitments in 2011 and 2012. We expect that AMR's unrestricted cash and short-term investments, which were a healthy $5.8 billion at March 31, 2011, following substantial first-quarter debt-raising, may decline to less than $4 billion by the end of this year. We are affirming our ratings, including the 'B-' corporate credit rating, on AMR Corp., but revising the rating outlook to negative from stable. We are affirming most ratings of subsidiary American Airlines Inc., but lowering our ratings on the 2001-1A1 certificates to 'CCC+' from 'B-', and on the 2001-1B and 2001-1C certificates to 'CCC' from 'CCC+'. We
