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S&P Credit Research991 word report
published Jul 11, 2002
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S&P Credit Research
| Abstract: | NEW YORK (Standard & Poor's) July 11, 2002--Standard & Poor's today lowered its ratings on Embarcadero Aircraft Securitization Trust's (EAST) floating-rate notes series 2000-1, classes A, B, and C. The ratings remain on CreditWatch where they were placed March 21, 2002, with negative implications (see list). The downgrades reflect the continued cash flow deterioration as a result of severely depressed aircraft lease rates, high maintenance costs associated with repossessed aircraft, and erosion of the available cash reserves. The class B notes are especially vulnerable to near-term risk of default in note interest. Collections available to service the notes have deteriorated significantly since Sept. 11, 2001. The average collection over the past nine months has declined approximately 40% from the pre-Sept.
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| Brief Excerpt: | RESEARCH Ratings Definitions Embarcadero Aircraft Securitization Trust 2000-1 Ratings Lowered and Remain on CreditWatch Neg Publication date: 11-Jul-2002 NEW YORK (Standard & Poor's) July 11, 2002--Standard & Poor's today lowered its...
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| Report Type: |
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| Issuer: | Embarcadero Aircraft Securitization Trust
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| Sector: | Asset-Backed Securities, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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