Moreover, hybrid work presents greater potential flexibility to travel, and S&P Global Economics forecasts real consumer spending will remain positive in 2023 (albeit below 2022 levels). We expect higher capacity will spur growth in the company's operating results and more than offset cost pressures mainly from elevated jet fuel prices and rising labour costs. A shortage of trained pilots and other staff (such as maintenance, air traffic controllers), as well as delays in narrow-body aircraft deliveries, will likely persist at least into next year. In our view, the lack of excess capacity should limit downside to fares and our estimates for American. American's debt levels are significant, but improving credit measures should lessen refinancing risk Our ICR on American reflects the airline's substantial debt and large maturities that present refinancing risk. The company's S&P Global Ratings-adjusted debt was relatively stable in 2022, at about US$39 billion.