NEW YORK (Standard&Poor's) March 18, 2016--Standard&Poor's Ratings Services today lowered its issue-level rating on United Airlines Inc.'s 2014-2 class A pass-through certificates to 'A' from 'A+'. At the same time, we affirmed our 'BBB' issue-level rating on the company's 2014-2 class B pass-through certificates. We lowered our rating on the class A certificates because we downgraded the liquidity provider, BNP Paribas (New York branch), to 'A' from 'A+' on March 11, 2016. Under our counterparty criteria, our rating on the pass-through certificates, a form of enhanced equipment trust certificate (EETC), cannot be higher than our rating on the bank that acts as the liquidity provider. We affirmed our rating on the class B certificates, for which
