And this shows the problem with AA:




They paid $1.23 Billion in interest expense in 2020 and because of increased debt and lower bond ratings that went up to $1.8 billion in 2021. But they lost another $2 billion in the last quarter (and burned $3 billion more in liquidity) so if you just straight lined that - assuming they lose no more money in 2022 - they are still looking at ANNUAL interest expense of ~2 billion, this from a company that in preCOVID years was making a net income of only $2-3 Billion. That’s a pretty substantial leverage. And it makes it unlikely that it will be able to pay down much of its debt, so as the debt hits maturity date it will have to be refinanced at whatever rate the market demands depending on the machinations of the Fed and the bond vigilantes.