Fitch Ratings has assigned a rating of BB+/RR1 to American Airlines’ senior secured credit facility. Fitch has also affirmed the BB+/RR1 rating on American’s existing credit facility secured by its South American franchise following the company’s decision to upsize its existing $1 billion revolver by $400 million. The ratings for American and its parent company American Airlines Group (AAG) remain unchanged at B+. The Rating Outlook is Stable.

American is expected to enter into new $1.15 billion senior secured credit facilities consisting of a $400 million five-year revolver and a $750 million seven-year term loan. The term loan is scheduled to amortize at 1% per annum with the remainder due at maturity. The proceeds are expected to be used for general corporate purposes.

To read the entire press release, click here.