AA's financials are not in three-alarm fire territory by any means.

But objectively they are not in as good a position as other legacies, and they might be in a tight spot in the face of a significant economic/industry downturn (they'd just need to tap some crisis financing, which would be available). In a black swan situation, they'd be the first to go (absent CARES style bailout).

If things keep chugging along, they'll be fine. They're also too big to fail, absolute worst that could happen would be Ch.11, furloughs and CBA haircuts... nothing really new in this industry.