Fitch: British Airways pass-throughs A, BBB-

Fitch Ratings said it expects to assign the following ratings to British Airways plc' proposed pass-through trusts series 2013-1: A rating to $721.6 million class A certificates (A-tranche) with an expected maturity of June 2024; and BBB- rating to $207 million class B certificates (B-tranche) with an expected maturity of June 2020.

The ratings reflect the application of Fitch's criteria for rating aircraft enhanced equipment trust certificates. Key ratings considerations include the quality of the aircraft collateral, significant overcollateralization, the UK insolvency regime coupled with the transaction's underlying lease structure, the liquidity facilities, British Airways' (BA, not rated) credit quality and various additional structural elements, the agency said.

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