| Abstract: | LONDON (Standard&Poor's) March 19, 2003--Standard&Poor's Ratings Services said today it lowered its rating on Embarcadero Aircraft Securitization Trust's (EAST) class B notes to 'D' from 'CC', after the class B noteholders did not receive their full interest payment on the March interest payment date. At the same time, the class B notes were removed from CreditWatch, where they were placed on Sept. 27, 2001, after Standard&Poor's review of aircraft lease portfolios and other aircraft transactions to assess the impact of problems in the aircraft industry. The ratings on the class A-1, A-2, and C notes were lowered on July 11, 2002, and remain on CreditWatch with negative implications, where they were placed on Jan.
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