Fitch assigns Mileage Plus loan, notes BBB-

Fitch Ratings said it assigned BBB- ratings with a stable outlook to the $6.8 billion in financing issued by Mileage Plus Intellectual Property Assets, Ltd. (MIPA) and MileagePlus Holdings, LLC (MPH).

Both entities are indirect wholly owned subsidiaries of United Airlines Holdings, Inc. and United Airlines, Inc.

The proceeds of the senior secured floating-rate term loan and senior secured notes will be lent to United through an intercompany loan for general corporate purposes.

“The term loan and notes, referred to as the financing or debt facilities, are pari passu and supported by the same collateral and security package; the issuers and debt facilities are rated BBB- with a stable outlook,” Fitch said in a press release.

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