Abstract: NEW YORK (Standard&Poor's) Nov. 11, 2008--Standard&Poor's Ratings Services today lowered its ratings on the class A-1 and A-2 notes from series 2000-1 issued by Embarcadero Aircraft Securitization Trust to 'B-' from 'B' and to 'B-' from 'BBB-', respectively. Additionally, we assigned a negative outlook to both classes. The downgrades reflect value declines in the transaction's aircraft portfolio (as the value is an indicator of future lease revenues), a trend that we expect to continue, coupled with the effect of a correction of a previous interpretation of the payment priority mechanisms within the structure. As with many aircraft securitizations originated in the late 1990s and early 2000s, this transaction has a significant concentration of older aircrafts--some of

Brief Excerpt: RESEARCH Ratings Definitions Embarcadero Aircraft Securitization Trust Ratings Lowered On 2 Classes; Outlooks Are Negative Publication date: 11-Nov-2008 Primary Credit Analyst: Jay Banerjee, New York (1) 212-438-3792; jay_banerjee@standardandpoors.com...

Report Type: News
Issuer: Embarcadero Aircraft Securitization Trust
Sector: Asset-Backed Securities, Structured Finance
Country: United States
Region: United States
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 S&P Credit Research
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.