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S&P: Airplanes Pass-Through notes on watch
Standard & Poor's said it placed its BB+ rating on the class A-9 notes issued out of the Airplanes Pass-Through Trust on CreditWatch with negative implications.
The agency said that the CreditWatch placement reflects the fact that the A-8 tranche is benefiting from current principal amortizations and aircraft sales and this deferment in cash flow to the A-9 tranche causes an incremental risk to the notes.
In addition, the recent migration of leases to less-developed markets, as well as maintenance expenses that have been greater-than-expected are the basis for the CreditWatch placement, S&P said.
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