S/P UPGRADES TEXAS AIR <TEX> UNIT'S CERTIFICATES
Standard and Poor's Corp said it raised
to B from CCC 268.9 mln dlrs of equipment trust certificates of
Texas Air Corp's Eastern Air Lines Inc unit.
    S and P cited its new policy on rating secured airline debt
with special protection under Section 1110 of the Bankruptcy
Code. But the agency cautioned this did not reflect a change in
the unit's underlying credit strength.
    The certificates and 225.9 mln dlrs of CC subordinated debt
remain on S/P creditwatch with positive implications. Eastern
lost 130.8 mln dlrs in 1986 because of competition and customer
uncertainty over its future, S and P noted.
 Reuter
