Lunar 1 has fallen back to earth as Fitch Ratings downgrades the class A, B, and C notes issued by Lunar Aircraft 2020-1 Limited (Lunar) and assigned all of them a negative rating outlook. The rating actions reflect the termination of purchase agreements to novate six aircraft in the pool prior to the delivery expiry date of November 23, 2020 and the resulting higher concentration risks with less diversification from an aircraft, airline lessee and regional exposure perspective, all compared with closing. Looking forward, four aircraft remaining in the pool have leases maturing in the next twelve months, and were

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