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Fitch affirms AMR
Fitch Ratings said it affirmed AMR Corp.'s issuer default rating at CCC and its senior unsecured debt at C/RR6. It affirmed American Airlines, Inc.'s issuer default rating at CCC and its secured bank credit facility at B+/RR1.
There is no outlook for the companies. Fitch said it generally does not maintain an outlook for corporate issuers with issuer default ratings of CCC or below.
The agency said AMR's second-quarter revenue performance was generally consistent with results reported by all of the U.S. network carriers as sharp declines in passenger yields pushed mainline revenue per available seat mile down by 16% in the quarter.
While AMR has successfully tapped the credit markets over the past several weeks to address significant aircraft financing needs, Fitch remains concerned about the carrier's near-term liquidity outlook in light of the extreme revenue pressure being felt across the industry during the global recession.
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