The ratings on Houston, Texas-based Continental Airlines Inc. reflect its participation in the high-risk airline industry and a heavy debt and lease burden, but also a better-than-average operating performance among its peer large U.S. hub-and-spoke airlines. Continental posted a pretax loss of $349 million in the first half of 2009, higher than the $177 million loss in the same period of 2008. Its operating loss widened to $208 million from $137 million; like most other U.S. airlines, much lower revenues ($1.5 billion) more than offset the benefit of a decline in fuel prices ($1.3 billion). In addition, the company reported a $78 million gain in 2008 from the sale of its remaining stake in Copa Airlines. However, Continental's pretax loss
