KBRA is revising its Watch status to Watch Downgrade for the ratings of eight securities of Prop 2017-1 Limited, AASET 2018-3 Note Issuer Designated Activity Company, Horizon Aircraft Finance I and Raptor Aircraft Finance I Limited
The Watch revisions are based on each Listed Transactions’ breach of its applicable debt service coverage ratio trigger for at least one month as well as negative performance data, reflected in the May 2020 remittance reports and obtained from conversations with the applicable servicers, Elix Aviation Capital Limited, Carlyle Aviation Management Limited, BBAM Aviation Services Limited and Seraph Aviation Management Limited.
The Listed Transactions’ A and B securities were previously placed on Watch Developing status on April 3, 2020 owing to the economic effects of the Coronavirus (COVID-19). On the same date, the Listed Transactions’ C securities were placed on Watch Downgrade status, where they remain.