MUMBAI (Thomson Financial) - Moody's Investors Service downgraded AMR Corp., saying large operating losses combined with particularly sizeable calls on cash for debt maturities and other requirements could erode the company's financial strength over the coming year.
The corporate family and probability of default ratings were cut to 'Caa1' from 'B2', the rating outlook is negative.
Despite some recent moderation in fuel costs and the benefit of capacity reductions and other management initiatives, Moody's believes that AMR could experience further losses during the near term.
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