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S&P Credit Research725 word report
published Mar 24, 2004
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S&P Credit Research
| Abstract: | NEW YORK (Standard & Poor's) March 24, 2004--Standard & Poor's Ratings Services today lowered its ratings on Embarcadero Aircraft Securitization Trust's (EAST) class A-1 and A-2 floating-rate notes to 'BB' from 'BBB' and removed them from CreditWatch, where they were placed March 15, 2004. The outlook on the class A-1 and A-2 notes is negative, reflecting the current poor economic and operating environment facing the aviation industry. The 'CCC' rating on the class C floating-rate notes remains on CreditWatch with negative implications, where it was placed March 15, 2004. The rating actions reflect the sustained decline in lease revenues, increase in aircraft-related expenses, and greater reliance on the cash reserves to meet timely note payments. In addition, the value of
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| Brief Excerpt: | RESEARCH Ratings Definitions Embarcadero Aircraft Trust Class A Rating Cut; Off Wtch; Outlook Neg; Class C Rating Unchanged Publication date: 24-Mar-2004 NEW YORK (Standard & Poor's) March 24, 2004--Standard & Poor's Ratings Services...
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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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