...October 27, 2020 NEW YORK (S&P Global Ratings) Oct. 27, 2020--S&P Global Ratings today assigned its 'A (sf)' issue-level rating to United Airlines Inc.'s $3 billion series 2020-1 Class A pass-through enhanced equipment trust certificates (EETCs). The rating is in line with the preliminary rating that we assigned Oct. 19, 2020. The rating assumes final documentation in the form represented to us, and we reserve the right to change or withdraw the rating should that not be the case. The certificates have expected final distribution dates of Oct. 15, 2027, with legal final maturity 18 months later. United may offer Class B junior certificates as well at some time in the future. The certificates, the largest dollar amount ever offered by an airline, are backed by 352 fairly old (mostly 15 to 24 years) aircraft, substantially all of the aircraft spare parts, and substantially all of the spare engines that support the operation of United's overall aircraft fleet. We base our rating on United's...
