Fitch Downgrades Triton Aviation Finance

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings takes the following actions on five classes of Triton Aviation Finance (TAF):

--Class A-1 note downgraded to 'Csf'/RE 20% from 'CCsf'/RE 70%;

--Class B-1, B-2, C-1, and C-2 notes affirmed at 'Csf'/RE0%.

KEY RATING DRIVERS

The downgrade of the class A-1 notes to 'Csf' from 'CCsf' reflects Fitch's view that default is considered inevitable as trust cashflow has deteriorated due to the aircraft pool's liquidity and age. The transaction has also been negatively affected by low utilization and small returns on aircraft sales or part-outs. Fitch expects the class to recover 20% (RE 20%) of its current principal balance. The affirmation of classes B, C, and D, all with RE0%, reflects the inevitability of default and the expectation of no additional payments to those classes.

RATING SENSITIVITIES

Due to the correlation between the macro economic conditions and the airline industry, the recovery estimates may be impacted by the strength of the global economy over the remaining term of this transaction. Global economic scenarios that are inconsistent with Fitch's expectations could lead to lower recovery estimates. For example, the occurrence of an extended global recession of significantly greater severity than the last two experienced, and the resulting strain on aircraft lease cash flow, could lead to lower principal recovery on the class A-1 note.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Aircraft Operating Lease ABS,' dated April 11, 2014;

--'Global Structured Finance Rating Criteria,' dated March 31, 2015;

--'Structured Finance Recovery Estimates for Distressed Securities' dated Nov. 18, 2011.

Applicable Criteria and Related Research:

Global Rating Criteria for Aircraft Operating Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=742479

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Structured Finance Recovery Estimates for Distressed Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656557

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982670

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.

Fitch Ratings
Primary Analyst
Eric Orenstein
Associate Analyst
+1 212-908-0245
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Thomas Kaiser, CPA
Associate Director
+1 312-368-3337
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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