Fitch Affirms & Withdraws Aviation Capital Group Trust Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed and withdrawn Aviation Capital Group Trust as follows:

--Class A-1 at 'Csf', RE 10%;

--Class B-1 at 'Csf', RE 0%;

--Class C-1 at 'Csf', RE 0%;

--Class D-1 at 'Csf', RE 0%.

KEY RATING DRIVERS

The affirmation of the notes at 'Csf' reflects Fitch's view that default is considered inevitable. The pool of aircraft consists predominately of aged, lower tier aircraft, which Fitch believes will be unable to generate sufficient cash flow to repay the notes in full as leasing potential is minimal and the size of the trust's remaining debt obligations far exceeds the value of the collateral. Fitch estimates senior note principal recoveries to be 10% of the current A-1 balance. The recovery estimates for classes B-1, C-1, and D-1 are 0% as the subordinate notes have interest shortfalls and no principal is expected to be paid as collections will be applied to senior principal only.

Fitch is withdrawing the ratings of Aviation Capital Group Trust as they are no longer considered to be relevant to the agency's coverage.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Rating Criteria for Aircraft Operating Lease ABS (pub. 19 May 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864605

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998327

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998327

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160125005946/en/

Fitch Ratings
Primary Analyst
Eric Orenstein
Analyst
+1-646-582-4816
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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