New York, February 21, 2017 — Moody’s Investors Service announced today that the anticipated sale of an engine by Blade Engine Securitization Ltd. Series 2006-1 (the Issuer) would not, in and of itself and as of this time, result in the downgrade or withdrawal of the ratings currently assigned to the outstanding series of notes issued by the Issuer. The issuer proposes to sell a CFM56-5C4 engine.

The Issuer, through its administrative agent, requested that Moody’s provide its opinion as to whether the ratings on the notes issued in the affected transaction would be downgraded or withdrawn as a result of the sale of the engine for sales price below the Note Target Price, where the Note Target Price is the higher of the most recent appraisal value of the engine or the appraisal value of the engine at the closing of the deal adjusted for depreciation. The engine has been off-lease since Jan 2015.

In assessing the potential impact on the ratings of the Notes, Moody’s focused on several factors, including the change to the loan-to-value ratio following the contemplated sale of the engine; the fact that the engine is currently off lease; and the value of the engine relative to the value of the entire Blade portfolio of engines. The particular engine contemplated in this press release accounts for 1.1% of the portfolio, based on the most recent appraisal. In its analysis, Moody’s assumed sales price for the engine as was advised by the issuer in communications prior to the date of this press release.

Moody’s has determined that the contemplated sale of the engine, in and of itself and at this time, will not result in the downgrade or withdrawal of the ratings currently assigned to the outstanding series of notes issued by Blade Engine Securitization Ltd. Series 2006-1. However, Moody’s opinion addresses only the credit impact associated with the proposed sale of the engine, and Moody’s is not expressing any opinion as to whether the sale of the engine has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.