Exhibit A




MOODY'S DOWNGRADES NOTES ISSUED BY AIRPLANES PASS THROUGH TRUST


Approximately $1.6 Billion of Asset-Backed Securities Downgraded.


     Moody's Investors Service announced today that it has downgraded all its
     ratings on three classes of notes issued by Airplanes Pass Through Trust
     (Airplanes).

     The complete rating action is as follows:

     Issuer: Airplanes Pass Through Trust

     US $190.4 Million Class A-6 Floating Rate Notes due March 15, 2019,
     downgraded to A2 from A1;

     US $700 Million Class A-8 Floating Rate Notes due March 15, 2019,
     downgraded to Baa3 from A3;

     US $750 Million Class A-9 Floating Rate Notes due March 15, 2019,
     downgraded to Ba2 from Baa2;

     Moody's said that Airplanes has continued to experience a decline in lease
     revenues over the past six months. The decline in revenues is attributable
     to a number of non-cash flow generating aircraft, the restructuring of
     existing leases, and the renewals of expiring leases at significantly
     lower levels. The aging of the portfolio as well as the high amount of
     older generation and challenging aircraft make the remarketing task
     difficult. Moody's believes that lease revenues may drop by more than 20%
     in the next 18 months and are expected to remain at these depressed levels
     for the foreseeable future, since many of the new leases may be contracted
     at reduced lease rates. The current lease pool is comprised mostly of
     older narrow body aircraft and has exposure to bankrupt airlines and other
     low credit quality lessees.

     The cash waterfall subordinates interest payments to the Classes B, C and
     D to Class A minimum principal payments. The Class A is currently ahead of
     minimum principles payments but is not receiving supplemental principal as
     collections are insufficient to reach that point in the cash waterfall.
     However Class A will resume receiving minimum principal payments in a few
     months which will result in the non payment of interest on the
     subordinated classes shortly thereafter. Since the refinancing did not
     occur in March 2003, Class A-9 Notes are scheduled to receive principal
     payments only after Class A-8 is fully paid down and Class A8 Notes will
     start receiving principal when Class A6 is fully paid. While Class A-6 is
     expected to pay down within 18 to 24 months, the structure increases the
     exposure to reduced cash flows of Classes A-8 and A-9, and is the primary
     reason that these classes were downgraded further than Class A-6.

     For more information, visit our website at www.moodys.com