Fitch Rates United’s proposed Special Facility Revenue Bonds BB-

Fitch Ratings has assigned BB-/RR4 ratings to a series of special facility revenue bonds to be issued by the city of Houston and guaranteed by United Airlines Holdings. The city intends to issue three series of airport special facility revenue bonds to refinance existing bonds that begin maturing on July 1, 2020, with United unconditionally guaranteeing the payment of the bonds. The bonds do not constitute indebtedness to the city of Houston or the airport and neither are liable for any payments. The bonds are secured by a pledge of certain revenues, consisting primarily of net rentals to be paid