United Airlines Inc.'s Series 2020-1 Class B EETC Rated 'BBB- (sf)'

NEW YORK (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings today assigned its 'BBB-' (sf) issue-level rating to United Airlines Inc.'s $600 million series 2020-1 Class B pass-through enhanced equipment trust certificates (EETCs). We had assigned our 'A' (sf) rating to the 2020-1 Class A certificates, which are secured by the same collateral and senior to the Class B certificates, on Oct. 27, 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 an expected final distribution date of Jan. 15, 2026, with legal final maturity 18 months later. The certificates are backed by 352 fairly old (mostly

...January 25, 2021 NEW YORK (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings today assigned its '###-' (sf) issue-level rating to United Airlines Inc.'s $600 million series 2020-1 Class B pass-through enhanced equipment trust certificates (EETCs). We had assigned our 'A' (sf) rating to the 2020-1 Class A certificates, which are secured by the same collateral and senior to the Class B certificates, on Oct. 27, 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 an expected final distribution date of Jan. 15, 2026, with legal final maturity 18 months later. The certificates are backed by 352 fairly old (mostly 15-24 years) aircraft, as well as substantially all of the aircraft spare parts and spare engines that support the operation of United's overall aircraft fleet. We base our rating on United's credit quality, the essentiality of spare parts and engines...

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