Fitch Ratings has completed a review of nine public aircraft EETC transactions issued by United Airlines with 21 rated tranches. Fitch has downgraded six tranches of United Airlines’ EETCs including the 2019-2 class A, 2018-1 class A, 2016-2 class AA and A, 2016-1 class A, and 2012-2 class A. Fitch has affirmed United’s other enhanced equipment trust certificate (EETC) ratings, including the B tranches for the 2019-2 and 2018-1, 2016-2, and 2016-1 transactions and all tranches of four other transactions. Fitch has also removed United’s 2019-1, 2018-1 and 2016-2 certificates from Rating Watch Negative (RWN). The downgrades are primarily driven

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