Standard&Poor's Ratings Services' ratings on Fort Worth, Texas-based AMR Corp. and subsidiary American Airlines Inc. reflect participation in the competitive, cyclical, and capital-intensive airline industry; a heavy debt and pension burden, with $1.9 billion of debt and capital lease maturities in 2009; and substantial capital spending needs to modernize the airline's fleet. Substantial market positions in the U.S. domestic, trans-Atlantic, and Latin American markets (though a minimal presence in the Pacific) are positives. American Airlines is the second-largest U.S. airline, with hubs at Chicago, Dallas, and Miami, and major positions in the trans-Atlantic and Latin American routes (where it is the market leader). AMR reported a fourth-quarter 2008 net loss of $340 million, a $214 million loss excluding
