Fitch Ratings has affirmed the ratings on the Da Vinci synthetic securitisation as "no credit events have occurred in the past 12 months."
The financing is backed by a a portfolio of financial leases and loans secured by aircraft.
However, Fitch notes that the operating environment for the aviation sector is "challenging", in particular for the European flagship carriers.
Da Vinci is exposed to concentration risk as the current portfolio contains 14 reference claims, involving six airlines in six countries, says Fitch.
The top two airlines represent 48.6% of the total notional amount outstanding. Nine obligations, representing 79% of the reference portfolio, are due to be repaid within the next two years, says Fitch.
If a credit event occurs and is called on two obligors, the class B notes could experience a default, says Fitch. If no credit event occurs in the next year and the reference obligation continues to reduce, this may result in a positive rating action.