The stability of seven aircraft lease-backed securitization conduits is up in the air following Trans World Airlines Inc.'s filing for Chapter 11 bankruptcy protection. Further, a ticket-receivables securitization that provided TWA with daily operating capital has been placed on Rating Watch Negative by Fitch.

TWA is an obligor in seven aircraft operating lease pool securitizations, and TWA is in an agreement to pay the pools at above-market lease rates because of the company's poor credit. If the pending buyout of TWA by American Airlines Inc. is approved, it could impact the cashflows of the securities.

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