Constellation Finance Notes On Rating Watch Negative.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 11, 2001 Fitch places Constellation Finance LLC's (Constellation) 'BB' rated 9.8% airline receivable asset-backed notes, series 1997-1 on Rating Watch Negative. Constellation, 99% owned by Trans World Airlines Trans World Airlines, commonly known as TWA, was a major American airline company that was acquired by American Airlines in April 2001. For many years it was headquartered at the Kansas City Downtown Airport, as well as midtown Manhattan in New York City. , Inc. (TWA TWA Time-weighted average, see there ), is a special purpose bankruptcy remote A company within a corporate group is said to be bankruptcy remote when the solvency of that company does not affect any other company in the group, particularly any holding company or subsidiary company of the bankruptcy remote vehicle. limited liability company organized to acquire TWA receivables. While the notes have some features of structured debt transactions, Fitch's rating is linked to the credit quality of TWA. The notes were issued in December 1997 and are due to begin their scheduled amortization on Jan. 15, 2001. Fitch's rating action reflects TWA's announcement that it is being acquired by American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the , Inc. and as part of the acquisition has filed for Chapter 11 bankruptcy protection. Fitch is currently monitoring the developments of this announcement and will take additional rating action upon completion of our review process. |
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