The recently announced merger of American Airlines and US Airways may create new risk for credit card securitizations tied to the airlines' brand, according to two reports published this month by Moody’s Investor Service and Standard & Poor’s.

American Airlines co-branded cards are issued by Citibank and serve as part of the collateral in Citibank Credit Card Master Trust I (CCMTI), and US Airways co-branded cards are issued by Barclays and serve as part of the collateral in Dryrock Issuance Trust (Dryrock). 

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