Fitch Affirms ECAF I Limited

CHICAGO--()--Fitch Ratings has affirmed ECAF I Limited as follows:

--Class A-1 notes at 'A-sf'; Outlook Stable;

--Class A-2 notes at 'A-sf'; Outlook Stable;

--Class B-1 notes at 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation of the notes reflects the transaction's consistent performance to date which has been within Fitch's initial expectations. The Stable Outlook reflects Fitch's expectation that cash flow from the portfolio of aircraft will continue to be adequate to withstand stresses commensurate with the current ratings. Initial key rating drivers and the rating sensitivities are further described in Fitch's New Issue Report for this transaction dated May 18, 2015.

RATING SENSITIVITIES

Due to the correlation between the global economic conditions and the airline industry, the ratings may be impacted by the strength of the macro-environment over the remaining term of this transaction. Global economic conditions that are inconsistent with Fitch's expectations and stress parameters could lead to negative rating actions. Fitch, in the initial rating analysis, found the transaction to have minimal sensitivity to the timing or severity of assumed recessions.

Fitch found that greater default probability of the leases would have a material impact on the ratings. Additionally, Fitch found the timing or degree of technological advancement in the commercial aviation space, and the impacts these changes would have on values, lease rates, and utilization, would have a moderate impact on the ratings.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Global Rating Criteria for Aircraft Operating Lease ABS (pub. 26 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879831

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

ECAF I Ltd. - Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863835

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1004722

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1004722

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Surveillance Analyst
Thomas Kaiser, CPA, CFA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Surveillance Analyst
Thomas Kaiser, CPA, CFA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com