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Rating Action:

MOODY'S ASSIGNS RATINGS TO JET EQUIPTMENT TRUST SERIES 1995-A OF A1 TO CLASS A NOTES, A3 TO CLASS B NOTES, Baa1 TO CLAS C NOTES, AND Baa2 TO CERTIFICATES

20 Apr 1995
MOODY'S ASSIGNS RATINGS TO JET EQUIPTMENT TRUST SERIES 1995-A OF A1 TO CLASS A NOTES, A3 TO CLASS B NOTES, Baa1 TO CLAS C NOTES, AND Baa2 TO CERTIFICATES New York, 04-20-95 -- Moody's Investors Service said that it has assigned the following ratings to Jet Equipment Trust 1995-A:
A1 to $305,768,000 Class A senior notes,
A3 to $108,717,000 Class B mezzanine notes,
Baa1 to $70,983,000 Class C subordinated notes, and
Baa2 to $42,153,000 Certificates.
The notes and certificates are to be used to purchase nonrecourse loan certificates secured by three Boeing 737-522 aircraft, three Boeing 737-322 aircraft, four Boeing 767-322ER aircraft, and one Boeing 747-422 aircraft leased to United Airlines, Inc. and a mortgage note issued by United to finance one Boeing 747-422 aircraft (collectively, the "United Obligations"). The ratings are based on the credit quality of United Airlines as obligor under the leases, the amount of collateral supporting each class of securities, and a standby liquidity facility.
Jet Equipment Trust Series 1995-A is a limited purpose, bankruptcy-remote business trust established for the sole purpose of facilitating the issuance of and payments on the notes, and certificates. Payment on the notes and certificates will come from payments on the United Obligations (which, in turn, rely on lease and mortgage payments made by United Airlines), capital contributions of the seller under certain very limited circumstances, a liquidity facility providing for up to three interest payments on the notes, and the proceeds from the repossession and sale of the aircraft in the event of default under the United obligations. The seller is a wholly owned subsidiary of Boeing Nevada, Inc. which, in turn, is wholly owned by The Boeing Company.
Moody's said that lease rentals payable by United are expected to be sufficient to pay in full all principal and interest on the notes and the certificates when due. Under certain very limited circumstances relating principally to a reoptimization of certain United Obligations or the prepayment or purchase of the United Obligations, the seller will make capital contributions to the Trust in an amount sufficient to satisfy in full any shortfall, if, as a result of such reoptimization or prepayment or purchase, the amount of interest or premium is less than the amount due. Such capital contributions will be guaranteed by Boeing Nevada.
In addition, Moody's said that it evaluated the collateral supporting the United Obligations and concluded that the high strategic and economic value of the aircraft may mitigate against future loss. The B747 aircraft are used to service United's Pacific operations--a very valuable franchise for the airline--and the growing importance of United's Shuttle operation increases the value of the B737 to the company's overall route system. The Boeing 767 aircraft are a principle aircraft for United's service between the United States and Europe. These factors may increase the likelihood that United will continue to perform under these obligations, even if faced with future financial stress. In addition, while it is very difficult to accurately project future aircraft values, the breadth and depth of users of these aircraft type, particularly the B737, along with the strong historic price performance, suggest that these aircraft can reasonably be expected to retain significant value relative to future debt levels, particularly for the Class A and B noteholders, even during periods of economic and market stress.
As additional security for the notes, an irrevocable standby letter of credit will be issued providing for drawings to pay interest on the three classes of notes on any three successive payment dates. The liquidity facility does not provide for principal or interest payments on the certificates. Because of the senior position of the liquidity provider, draws under the liquidity facility will directly reduce the amount of collateral available to note and certificate holders. The Boeing Company will be the initial liquidity provider.
The ratings so assigned are based on the credit quality of United Airlines, as obligor under the leases. Any future changes in the underlying credit quality of United Airlines and its ratings could cause a change in the ratings of the securities being offered. In addition, so long as The Boeing Company remains the liquidity provider, any future reductions in Boeing's credit rating, currently A1 senior unsecured, may adversely affect the ratings of these securities, although Moody's noted that the collateral agreement requires a replacement credit facility or cash drawdown in the event of a downgrade in the long term rating of the liquidity provider to Baa2 or lower.
The securities are being offered to qualified institutional buyers in privately negotiated transactions without registration under the Securities Act of 1933 (the "Act") under circumstances reasonably designed to preclude a distribution thereof in violation of the Act. The issuance has been designed to permit resale under Rule 144A. The proceeds from the sale of the notes and certificates will go to Boeing Nevada as payment for purchase of the United obligations. United Airlines is not participating in the offering and will not receive any of the proceeds.
United Airlines is the world's second largest airline with headquarters in Chicago, Illinois. The Boeing Company is the world's largest commercial aircraft manufacturer with headquarters in Seattle, Washington. Boeing Nevada, which is located in Las Vegas, Nevada, is engaged in the financing of sales of Boeing products.

No Related Data.
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