The ratings agencies do not anticipate taking action on securities issued by Morgan Stanley Aircraft Finance Trust, although the most recent securitization, a $1.3 billion deal that priced in March, contains a $32 million aircraft that had - unbeknownst to MSDW - fallen into the hands of Libyan Arab Airlines, Muammar Al Qaddafi's national airline.

However, the $32 million Airbus A320-200 represents just 1.6% of the entire trust, which is well over $2 billion in size. Further, there is an insurance policy that will likely kick in should the plane be deemed irrecoverable, which is probable, according to sources close to the situation.

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