...June 12, 2023 TORONTO (S&P Global Ratings) June 12, 2023--S&P Global Ratings today assigned its preliminary 'A (sf)' issue-level rating to United Airlines Inc.'s series 2023-1 Class A pass-through enhanced equipment trust certificates (EETCs). United plans to finance 39 new aircraft (which have been delivered) with about $1.32 billion of Class A certificates. The Class A certificates have an expected final distribution date of Jan. 15, 2036, with legal final maturity 18 months later. The transaction will be backed by 39 new Boeing 737 MAX aircraft, including 22 737 MAX-8 and 17 737 MAX-9 models. They were delivered to United between August 2022 and May 2023, with a weighted-average age of less than one year. We view these planes as valuable collateral with relatively low technological or liquidity risks. Our ratings on United and its debt, including our ratings on its existing EETCs, are unchanged. We will assign final ratings upon completion of our legal and documentary review. We base...
