The ratings on Ft. Worth, Texas-based AMR Corp. and its American Airlines Inc. subsidiary reflect a highly leveraged financial profile, near-term earnings pressure due to a still-recovering global economy, and risks associated with participation in the competitive, cyclical, and capital-intensive airline industry. As the second-largest U.S. airline, American benefits from substantial market positions in the domestic market, U.S.-U.K. routes, and U.S.-Latin America routes (although it has only a minimal presence in the Pacific), which provides potential for good revenue generation along with the recovering global economy. In first-quarter 2010, the company undertook several steps to maintain its market position. It filed for antitrust immunity with Japan Air Lines for a trans-Pacific joint venture between North America and Asia; it received
