Ratings are supported by AMR Corp.'s solid competitive position and satisfactory financial flexibility in the form of cash, bank lines, and unsecured assets. These positives are more than offset by substantial financial damage and ongoing risks relating to the industrywide crisis since Sept. 11, 2001, and high operating costs. American Airlines Inc., with the April 2001 acquisition of the assets of Trans World Airlines Inc. (TWA), surpassed United Air Lines Inc. as the world's largest airline. American has an extensive route network: the largest in the U.S. domestic market, by far the largest in Latin America, and one of the largest on routes to Europe, though with a more limited presence in the Asia/Pacific region. American should benefit from United's
