Fitch has been notified that Blade intends to sell a CF34-3A1 out of the trust to a third party. The engine is currently grounded. Thus, its sale would provide cash flow to the trust from what would otherwise be a non-earning asset. The proposed sale price of the engine is below the note target price as defined by the transaction documents. Fitch does not anticipate that the engine sale, in and of itself, would adversely impact the ratings on the trust.
It is important to note, however, that all notes currently have a Negative Rating Outlook, indicating that downward rating movements are likely over a one- to two-year period. As stated in Fitch's
Fitch currently rates the trust as follows:
--Class A-1 notes 'Asf'; Outlook Negative;
--Class A-2 notes 'Asf'; Outlook Negative;
--Class B-1 notes 'BBBsf'; Outlook Negative.
Additional information is available at 'www.fitchratings.com'.
--'Global Rating Criteria for Aircraft Operating Lease ABS,' dated
--'Global Structured Finance Rating Criteria,' dated
Global Rating Criteria for Aircraft Operating Lease ABS
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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