On March 22, 2007, Standard&Poor's Ratings Services assigned its 'CCC+' rating to American Airlines Inc.'s (B/Stable/--) $357 million Alliance Airport Authority special facility revenue refunding bonds, series 2007, due Dec. 1, 2029. The bonds are guaranteed by American's parent, AMR Corp. (B/Stable/B-2), and are secured by payments made by American to the airport authority. Proceeds are being used to refund the outstanding revenue bonds, series 1990 (rated 'CCC+'), whose rating is withdrawn. The Alliance Airport revenue bonds are the equivalent of unsecured debt of American and parent AMR Corp., and are accordingly rated 'CCC+'. Unsecured debt of American and AMR is rated two notches lower than the 'B' corporate credit ratings on the companies, due to the large
