OREANDA-NEWS. Fitch Ratings has affirmed and withdrawn the following Airplanes Pass Through Trust ratings:

--Class A-9 at 'Csf', RE 0%;
--Class B at 'Csf', RE 0%;
--Class C at 'Csf', RE 0%;
--Class C at 'Csf', RE 0%.

KEY RATING DRIVERS

The affirmation of the notes at 'Csf' reflects Fitch's view that default is considered inevitable. The pool of aircraft consists predominately of aged, lower tier aircraft, which Fitch believes will be unable to generate sufficient cash flow to repay the notes in full as leasing potential is minimal and the size of the trust's remaining debt obligations far exceeds the value of the collateral. The recovery estimate for all classes is 0% as the subordinate notes have extensive interest shortfalls and no principal is expected to be paid as collections will be applied to build up the transaction's liquidity reserve in order to cover potential liabilities owed due to ongoing litigation. However, a positive outcome of the ongoing litigation may result in higher recoveries to the senior note.

Fitch is withdrawing the ratings of Airplanes Pass Through Trust as they are no longer considered to be relevant to the agency's coverage.