The 'B' long-term corporate credit rating on Continental Airlines Inc. reflects its participation in the high-risk airline industry and a heavy debt and lease burden, but also better-than-average operating performance among its peer large U.S. hub-and-spoke airlines. On Aug. 8, 2008, Standard&Poor's Ratings Services affirmed its corporate credit rating on the airline, and removed all ratings from CreditWatch, where they were placed with negative implications May 22, 2008, as part of an industrywide review. We expect that Continental Airlines will post a moderate loss of several hundred million dollars this year, due to high fuel prices, but its operating performance should continue to be better than those of most peer large U.S. airlines. The company reported a relatively
