As the market had anticipated (see ASR 6/10), several aircraft lease securitizations were either further downgraded or placed on review for downgrade last week. Fitch Ratings took down several classes of Pegasus Aircraft Securitization 1999-1 (PALS I) and Airlines Pass Through Trust, including class A notes in both transactions, downgraded to A+' from AA'. The rating agency removed the AIRPT classes from watch, though PALS I is still under review.

Fitch also downgraded all classes of Aerofreighter Finance Trust.

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