(Sept. 2001) Fitch places all of its rated structured aircraft bonds on watch for downgrade. Both Moody's and S&P place notes from Embarcadero Aircraft Securitization Trust on watch.

(Oct. 2001) Moody's places classes from Aircraft Finance Trust, Pegasus Aviation Lease Securitization 2001-1 (PALS III), GECAS Lease Investment Flight Trust (LIFT), Aviation Capital Group, AerCo Limited, and Airplanes Pass Through Trust on watch. S&P downgrades C class notes on Embarcadero (leaves senior classes on watch).

(Nov. 2001) Fitch downgrades A class and B class notes from from AeroFreighter Finance Trust (classes originally placed on watch in August, independent of 9/11). Moody's downgrades B class through D class notes on Embarcadero.

(Dec. 2001) Fitch downgrades the C class and D class notes from PALS I, the B class through D class notes on PALS II, the C class and D class on Airplanes Pass Through Trust, and the B class through D class notes on Embarcadero.

(Mar. 2002) Moody's downgrades the two D classes from LIFT, a C class and D class from Aircraft Finance Trust, two C classes and a D class of PALS III, D class notes from AerCo, and D class notes from Aviation Capital Group Trust. S&P reiterates that D class notes on LIFT are still on watch negative.

(May 2002) Fitch downgrades the A through D classes of Embarcadero (removes all classes from watch), downgrades the A through D classes of PALS II (all classes still on watch), and downgrades the A through C classes of Triton Aviation. Fitch affirms LIFT D class, and reiterates that classes from Airplanes Pass Through Trust, PALS I and PALS III are still on watch.

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