Fitch Ratings has downgraded the Class A notes of Triton Aviation Finance (TAF) to ‘CCsf’ from Bsf’ and the Class B-1, B-2, C-1, and C-2 notes are affirmed at ‘Csf’. The downgrade of the class A-1 notes to ‘CCsf’ from ‘Bsf’ reflects Fitch’s view that default is considered probable as trust cashflow has deteriorated due to the aircraft pool’s illiquidity and age, says Fitch. The transaction has also been negatively affected by low utilization and small returns on aircraft sales or part-outs. Fitch expects the class to recover 70% (RE 70%) of its current balance. The affirmation of classes B,

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