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S&P Credit Research455 word report
published Feb 18, 2005
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S&P Credit Research
| Abstract: | NEW YORK (Standard & Poor's) Feb. 18, 2005--Standard & Poor's Ratings Services today lowered its rating on Embarcadero Aircraft Securitization Trust's (EAST) class C notes to 'D' from 'CC' after the class C noteholders did not receive their full interest payment on the February payment date. The 'BB' rating and the negative outlook on the class A-1 and A-2 notes remains unchanged since they were downgraded March 24, 2004. EAST is a securitization backed by a pool of 34 aircraft operating leases originated by Lehman Brothers Inc. and GATX Capital Corp. in August 2000. Since 2002, collections available to service the notes have been under tremendous stress as a result of lessee defaults, reductions in aircraft lease rates, and increases
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| Brief Excerpt: | RESEARCH Ratings Definitions Embarcadero Aircraft Securitization Trust Class C Ratings Lowered; A-1/A-2 Remain Unchanged Publication date: 18-Feb-2005 NEW YORK (Standard & Poor's) Feb. 18, 2005--Standard & Poor's Ratings Services today...
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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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