Fitch Publishes Report Covering Commercial Aircraft as Collateral in Secured Debt Transactions
Fitch's analysis illustrates that average storage times for popular models of passenger aircraft tend to be short. Average and median storage times for aircraft younger than 15 years old have remained around or below six months dating back to 1996, and well below one year through both the 2001 and 2009 recessions.
A consistent factor when examining stored commercial aircraft is that they are notably older than the global aircraft fleet as a whole. The average age for parked aircraft hovers around 20 years, even increasing toward 25 years prior to the last economic downturn. However, the average age of the in-service fleet is around 10-11 years, with some minor variations depending on the economic cycle.
The results of this analysis support Fitch's ratings processes for debt secured by aircraft, including aircraft enhanced equipment trust certificates (EETC) and aircraft operating lease ABS transactions. The results of the analysis are incorporated in Fitch's aircraft EETC and aircraft ABS criteria, and some of the results supported EETC criteria changes earlier this year, including the possibility of assigning 'AA' ratings to certain senior tranches.
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