Fitch Downgrades Triton Aviation Finance

Fitch Ratings takes the following actions on classes of Triton Aviation Finance (TAF):

--Class A-1 note downgraded to 'CCsf' from Bsf'; 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 'CCsf' from 'Bsf' reflects Fitch's view that default is considered probable as trust cashflow has deteriorated due to the aircraft pool's illiquidity 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 70% (RE 70%) of its current 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

If the demand of older aircraft declines quicker than Fitch's assumption, the cash flow generated will be reduced this may cause negative rating actions on class A-1 notes. Additionally, many of the aircraft may reach the end of their useful life quicker than assumed due to their age, which may cause negative rating actions.

Due to the correlation between the global economic conditions and the airline industry, the ratings may be impacted by the strength of the macro-environment over the remaining term of this transaction. Global economic scenarios that are inconsistent with Fitch's expectations could lead to further negative rating actions.

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

Applicable Criteria and Related Research:

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

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Structured Finance Recovery Estimates for Distressed Securities' (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=708661

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=827707

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