Fitch downgrades Sapphire ABS

Fitch Ratings has downgraded the outlook on a number of notes issued by Sapphire Aviation Finance from rating watch negative to rating outlook negative. In addition to changing the rating on the series A, B and C fixed-rate secured notes issued by Sapphire Aviation Finance I Limited (SAPA I), Fitch affirmed the ratings on the Sapphire Aviation Finance II Limited (SAPA II) series A, B and C fixed-rate secured notes were maintained at rating outlook negative. Fitch said the rating actions reflect ongoing deterioration of all airline lessee credits backing the leases in each transaction pool, downward pressure on certain