Standard & Poor's Ratings Services took AMR Corp. and its American Airlines Inc. unit off its credit watch Friday, citing improvements in AMR's liquidity and an improved outlook for the airline industry.
However, S&P kept a negative outlook for the Fort Worth-based companies, "reflecting AMR's still very weak financial profile and vulnerability to renewed revenue deterioration or sharp increases in jet fuel prices."
The service put the debt ratings of AMR and American on its credit watch July 22, after AMR ended the second quarter with just $2.8 billion in unrestricted cash and short-term investments.
The service said AMR had taken a number of steps to improve its liquidity, raising $5 billion in cash and financing.
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However, S&P kept a negative outlook for the Fort Worth-based companies, "reflecting AMR's still very weak financial profile and vulnerability to renewed revenue deterioration or sharp increases in jet fuel prices."
The service put the debt ratings of AMR and American on its credit watch July 22, after AMR ended the second quarter with just $2.8 billion in unrestricted cash and short-term investments.
The service said AMR had taken a number of steps to improve its liquidity, raising $5 billion in cash and financing.
full story here
