Report title: Embarcadero Aircraft Securitization Trust's Class B Series 2000-1 Notes Rating Lowered
from S&P Credit Research
516 word report published Nov 05, 2002

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Abstract: NEW YORK (Standard & Poor's) Nov. 5, 2002--Standard & Poor's Ratings Services today lowered its rating on Embarcadero Aircraft Securitization Trust's (EAST) class B floating-rate notes series 2000-1 to double-'C' from triple-'C'-minus. The rating continues to remain on CreditWatch where it was placed Sept. 27, 2001. The ratings assigned to the class A and C notes are unchanged since they were lowered on July 11, 2002, and continue to remain on CreditWatch with negative implications. The downgrade reflects the continued erosion of funds in the class-specific cash reserve that is available to service the class B note interest. Since the first quarter of this year, the class B cash reserve has been consistently drawn upon to meet the class B

Brief Excerpt: RESEARCH Ratings Definitions Embarcadero Aircraft Securitization Trust's Class B Series 2000-1 Notes Rating Lowered Publication date: 05-Nov-2002 NEW YORK (Standard & Poor's) Nov. 5, 2002--Standard & Poor's Ratings Services today lowered...

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Issuer: Embarcadero Aircraft Securitization Trust
Sector: Asset-Backed Securities, Structured Finance
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