OREANDA-NEWS. Fitch Ratings has affirmed and withdrawn Aviation Capital Group Trust as follows:

--Class A-1 at 'Csf', RE 10%;
--Class B-1 at 'Csf', RE 0%;
--Class C-1 at 'Csf', RE 0%;
--Class D-1 at 'Csf', RE 0%.

KEY RATING DRIVERS
The affirmation of the notes at 'Csf' reflects Fitch's view that default is considered inevitable. The pool of aircraft consists predominately of aged, lower tier aircraft, which Fitch believes will be unable to generate sufficient cash flow to repay the notes in full as leasing potential is minimal and the size of the trust's remaining debt obligations far exceeds the value of the collateral. Fitch estimates senior note principal recoveries to be 10% of the current A-1 balance. The recovery estimates for classes B-1, C-1, and D-1 are 0% as the subordinate notes have interest shortfalls and no principal is expected to be paid as collections will be applied to senior principal only.

Fitch is withdrawing the ratings of Aviation Capital Group Trust as they are no longer considered to be relevant to the agency's coverage.

RATING SENSITIVITIES
No longer relevant as the ratings have been withdrawn.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.