Fitch downgrades ECAF I Aircraft ABS

Fitch Ratings has downgraded the class A-1, A-2 and B-1 asset-backed notes issued by ECAF I. (ECAF I). The Rating Outlooks remain Negative on the class A-1 and A-2 notes (since class B-1 no longer has an outlook). Fitch states that the rating actions reflect ongoing stress and pressure on airline lessee credits backing the leases in the ECAF I pool; downward pressure on aircraft values; 53.5% of the pool (now 14 aircraft) are currently off-lease and grounded resulting in a notable decline in lease collections in the past six months; and Fitch’s updated assumptions and stresses, and resulting impairments