OREANDA-NEWS. 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 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 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.