NEW YORK, NY (December 20, 2017) – Kroll Bond Rating Agency (KBRA) has downgraded the ratings of Amur Consumable and Expendables Notes, Series 2014-1, an aircraft parts ABS transaction. As of March 2017, the portfolio is comprised of 180,000 unique line items and 14 million individual aircraft consumable parts with an appraised fair market value of $112.5 million.

The downgrade on the Notes are a result of the total cash flow available for debt being less than KBRA’s initial base case projections. The lower cash flow is likely due to less demand for the aircraft parts inventory resulting in fewer than expected sales at lower than expected prices. KBRA will continue to perform ongoing surveillance of the transaction.


Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled Amur Consumables and Expendables 2014-1 Trust 17g-7 Disclosure Report.