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Moody’s rates American Airlines loan Ba1
Moody's Investors Service said it assigned a Ba1 rating to the new $750 million seven-year term loan that American Airlines, Inc. plans to arrange.
The agency also affirmed American Airlines Group, Inc.’s (AAG) Ba3 corporate family rating, Ba3-PD probability of default rating, Ba1 senior secured rating and B1 senior unsecured rating.
The outlook is stable.
Proceeds from the new loan will refinance the company's $588 million senior secured term loan due Nov. 23, 2016, the balance will be used for general corporate purposes.
The new loan will be collateralized by the spare parts inventory for the company's mainline fleet. AAG will guarantee American's obligations under the new facility, similar to the company's other bank credit facilities.
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