Moody's rates 2003-ERJI passthroughs Ba3

Moody's Investors Service said it has assigned a Ba3 rating to $409,125,000 of Class A pass through certificates, Series 2003-ERJ1.

Proceeds of the issue will be used to purchase equipment notes to be issued in conjunction with the separate leveraged lease financing of a portion of the purchase price of each of 36 Embraer EMB-145XR aircraft. Of the 36 aircraft, 34 have been delivered and leased to Continental Airlines Inc. in 2003. The remaining two are scheduled for delivery to Continental in December of 2003.

Proceeds intended to fund a portion of the leveraged lease financing of the remaining two aircraft to be delivered in December will be placed in escrow and used to purchase the related equipment notes upon delivery of the aircraft.

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