Correction: Fitch Ratings Downgrades Triton Aviation Finance.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 28, 2004

(This is an amended version of a press release issued yesterday, containing revised information on classes A-1 and A-2.)

Fitch Ratings downgrades Triton Aviation Finance (Triton) notes as listed below. The downgrades reflect Triton's inability in March 2004 and April 2004 to generate lease cash flows that were sufficient to provide for class B and C note interest and class A note principal, as well as Fitch's expectation that these conditions will continue for the foreseeable future.

-- Class A-1 notes to 'BB' from 'BBB-';

-- Class A-2 notes to 'BB+' from 'BBB-';

-- Class B-1 notes to 'CC' from 'BB-';

-- Class B-2 notes to 'CC' from 'BB-';

-- Class C-1 notes affirmed at 'C';

-- Class C-2 notes affirmed at 'C';

-- All classes are removed from Rating Watch Negative.

During 2003, Triton's collections less expenses (cash flow) averaged about $5 million per month compared to March 2004 and April 2004 cash flow of negative $3.5 million and positive $1.7 million, respectively. The lower 2004 results primarily reflect the effects of having three 747-200F aircraft and six 737-200 aircraft on the ground as well as higher maintenance provisions. The 747-200F aircraft were previously leased to Polar Air Cargo (Polar) and the 737-200 aircraft to Air Canada. Although April 2004 cash flows are improved compared to March 2004, Fitch remains concerned that re-leasing the 747-200F and 737-200 aircraft will be challenging and may require further maintenance expense outlays.

Polar Air Cargo (Polar) is a U.S. based freight carrier whose parent is Atlas Air Worldwide Holdings Inc. (Atlas). Both Polar and Atlas filed for bankruptcy on Jan. 30, 2004. At the time of its bankruptcy, Polar leased two 747-200F freighter aircraft from Triton. Polar rejected the leases early on in the bankruptcy proceedings and both aircraft have been returned to Triton. A third 747-200F, which had been leased to Polar, was returned to Triton in January 2004 in accordance with the terms of the lease. The Polar lease payments are guaranteed for six months following a default (including a bankruptcy filing) by a subsidiary of a highly rated entity that is not honoring the guarantee.

Even if the 737-200s are re-leased, the Polar guaranteed cash flow does resume and/or the three B747-200F freighters are re-leased, it may be some time before the class B and class C again pay interest due to Triton's payment priorities. Accrued class A principal is ahead of class B interest in the waterfall. In addition, although the secondary liquidity repayment is behind the class B interest (accrued and current) in the waterfall, it is ahead of class C interest.

Triton is a Delaware business trust formed to conduct limited activities, including the issuance of debt, and the buying, owning, leasing and selling of commercial jet aircraft. Triton originally issued $720 million of rated notes in June 2000, while as of March 2004 it had about $510 million of notes outstanding. Primary servicing on 23 aircraft and back-up servicing is being performed by International Lease Finance Corporation ('AA-/F1+' by Fitch), while Triton Aviation Services Limited services the remaining 28 aircraft.