The corporate credit rating on Continental Airlines Inc. reflects its participation in the high-risk airline industry and a heavy debt and lease burden. These factors outweigh better-than-average operating performance among its peer large U.S. hub-and-spoke airlines. Continental, the fourth-largest U.S. airline, serves markets mainly in the southern and eastern U.S. from hubs at Houston, Texas; Newark, N.J.; and Cleveland, Ohio. International routes serve the central Pacific, selected Asian destinations, Latin America, and Europe. Continental's route system is more balanced among these various markets (2005 passenger revenue was derived 58% from domestic operations, 20% Europe, 12% Latin America, and 9% Pacific) than those of other large U.S. airlines, reducing risk somewhat. Continental, like other U.S. airlines, faces a difficult industry environment
