S&P rates United Air Lines loans BB-

Standard & Poor's said it assigned a BB- rating and 1 recovery rating to United Air Lines Inc. and Continental Airlines Inc.'s $1 billion five-year revolving credit facility and $900 million six-year term loan B.

The 1 recovery rating indicates 90% to 100% expected default recovery.

United Air Lines and Continental Airlines are co-borrowers and are subsidiaries of United Continental Holdings Inc., which guarantees the bank facilities.

Collateral consists of United's international routes to China, Hong Kong and London's Heathrow International Airport, as well as related gates and airport takeoff and landing slots, S&P said. Also included are domestic take-off and landing slots at Washington Reagan Airport, New York La Guardia Airport and Newark Airport.

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