OREANDA-NEWS. Fitch Ratings has affirmed Airplanes Pass Through Trust as follows:

--Class A-9 at 'Csf', RE 10%;
--Class B at 'Csf', RE0%;
--Class C at 'Csf', RE0%;
--Class D at 'Csf', RE0%.

KEY RATING DRIVERS
The affirmation of the classes 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. The recovery estimate of 10% reflects Fitch's expectation of principal allocation relative to the current class A-9 note balance under a base scenario. However, a positive outcome of ongoing litigation may result in higher recoveries. The class B, C, and D recovery estimates are 0% as no principal is expected to be paid as any collections will only be applied to the senior note. Furthermore, large interest shortfalls continue to grow across these three classes.

RATING SENSITIVITY
If the outcome of the trust's ongoing litigation is different than Fitch's modeled assumption, the recovery estimate on the class A-9 note may be impacted.

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 notes.