KBRA Places the Ratings for Amur Consumables and Expendables Notes, Series 2014-1 on Watch Downgrade

NEW YORK, NY (September 21, 2017) – Kroll Bond Rating Agency (KBRA) has placed the ratings of Amur Consumable and Expendables Notes, Series 2014-1, an aircraft parts ABS transaction, on Watch Downgrade. 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.

Since the transaction closed, total cash flow available for debt has been less than KBRA’s initial base case projections. KBRA will continue to monitor the transaction to determine whether a downgrade of either or both of the Notes is warranted.

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.