Fitch Ratings has downgraded American Airlines’ 2015-1, 2014-1, and 2013-1 class A certificates and affirmed American’s other enhanced equipment trust certificate (EETC) ratings, including the B tranches for the 2015-1 and 2014-1 transactions and all tranches of six other transactions. Fitch has also removed American’s 2017-2 and 2013-2 certificates from Rating Watch Negative. The three downgrades are primarily driven by weakened collateral coverage driven by lower secondary market values for the 777-300ERs contained in the affected transactions. While loan-to-value ratios for American’s other EETC transactions have also weakened since Fitch’s prior review, collateral coverage remains adequate to pass the relevant

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