MOODY'S UPGRADES TEXAS AIR <TEX> UNIT'S DEBT
Moody's Investors Service Inc said it
upgraded 475 mln dlrs of debt of Continental Airlines Inc, a
unit of Texas Air Corp.
    Raised were the unit's senior secured Denver industrial
revenue bonds to B-1 from Ca and subordinated debt to B-3 from
C.
    Moody's said the action recognizes the airline's
reorganization under Chapter 11 of the bankruptcy code, risks
associated with its substantial financial leverage and
unpredictable cash flow.
 Reuter
