KBRA is revising its Watch status to Watch Downgrade for the ratings of eight securities of Prop 2017-1 Limited, AASET 2018-3 Note Issuer Designated Activity Company, Horizon Aircraft Finance I and Raptor Aircraft Finance I Limited The Watch revisions are based on each Listed Transactions’ breach of its applicable debt service coverage ratio trigger for at least one month as well as negative performance data, reflected in the May 2020 remittance reports and obtained from conversations with the applicable servicers, Elix Aviation Capital Limited, Carlyle Aviation Management Limited, BBAM Aviation Services Limited and Seraph Aviation Management Limited. The Listed Transactions’
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