Fitch Affirms 6 & Lowers 7 Classes of Northwest Airlines EETCs.

CHICAGO -- Fitch Ratings has downgraded six classes and affirmed six classes of the Northwest Airlines Pass Through Trusts and enhanced equipment trust certificates (EETCs) listed below. In addition, all transactions have been removed from Rating Watch Negative.

Fitch had placed all rated Northwest Pass Through and EETC transactions on Rating Watch Negative on Sept. 16, 2005 in response to Northwest Airlines' (Northwest) bankruptcy filing on Sept. 14, 2005. On Dec. 13, 2005, Fitch withdrew Northwest's Issuer Default Rating (IDR) and senior unsecured debt ratings.

As per Fitch's criteria, Fitch's EETC rating begins with the rating on the corporate entity and takes into account the collateral supporting the transaction. As Northwest is currently under bankruptcy protection and has no Fitch rating, Fitch primarily looked at the aircraft collateral supporting the transactions to evaluate the current ratings on the outstanding notes. Fitch reviewed current values on the aircraft as well as potential stresses based on a number of factors including the aircraft type, vintage, and supporting engines. The 1996-1 transaction, though having newly restructured leases, is concerning because it is collateralized by older vintage B747-400 and 757-200 aircraft. Meanwhile, the remainder of Fitch rated transactions are primarily supported by more liquid newer vintage aircraft with significant concentrations in the Airbus319 and 320.

Northwest Airlines pass-through certificates, series 2003-1

-- Class D downgraded to 'C' from 'CCC+'.

Northwest Airlines pass-through certificates, series 2002-1

-- Class G-1 affirmed at 'AAA(1)';

-- Class G-2 affirmed at 'AAA'(1);

-- Class C-1 affirmed at 'B';

-- Class C-2 affirmed at 'B'.

(1) based on the strength of an MBIA policy

Northwest Airlines European enhanced equipment trust certificates, series 2001-2

-- Class A downgraded to 'BBB+' from 'A-';

-- Class B downgraded to 'B' from 'BB-'.

Northwest Airlines pass-through trusts, series 1996-1

-- Class A downgraded to 'B-' from 'BB';

-- Class B downgraded to 'CC' from 'B-';

-- Class C downgraded to 'C' from 'CCC+'

NWA Trust No. 2

-- Class A affirmed at 'BBB+';

-- Class B affirmed at 'BB';

-- Class C downgraded to 'B' from 'B+';

-- Class D downgraded to 'CCC' from 'CCC+'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.