Growing Demand for Travel: Global demand for air travel is poised to grow in the next year,though airline capacity growth could outstrip demand. Supply and demand dynamics, along with higher oil prices and labor costs, are likely to affect global airline profits. Nevertheless,global industry proflts are expected to remain above historical averages. Continued growth in travel demand remains a positive factor for aircraft original equipment manufaturers (OEM) and lessors.Airline Prospects Vary by Region: Fitch Ratings’ airline sector outlooks for North America,Europe, the Middle East, and Africa (EMEA), and Latin America are stable for 2017, but industry dynamics vary by region. North America is again poised to be the most profitable, but operating margins are likely to decline from peak levels seen in 2016. EMEA is seeing stable traffic growth, but faces uncertainty from the U.K.’s Brexit referendum and heavy competition.Fundamentals in Latin America are improving, but ratings in the region remain under pressure.Growth Continues in China: Fitch expects China’s revenue per passenger kilometer (RPK) growth to be in the high single digits to low teens over the next 5–10 years due to strong travel demand underpinned by falling air fare due to low oil prices and increasing competition,ongoing urbanization, rising household incomes, improving infrastructure and consumer lifestyle changes in favor of leisure travelling, especially international. RPK growth of international routes will likely continue to outpace domestic routes as it did in 2015 and 2016.

Introduction ............................................. 4

Comparison Tables........................... 5

North American Airline Sector Overview.................................. 10

Chinese Airline Sector Overview. ... 18

Latin American Airline Sector Overview................................... 25

EMEA Airline Sector Overview. ...... 26

Aircraft Asset Backed Securities Overview. ............................. 29

Key Trends in Aviation.................... 31

Large Commercial Aircraft Delivery Forecast.................................. 34

Airbus Versus Boeing ............................ 48

Airline Profiles

Public Joint Stock Company Aeroflot — Russian Airlines............... 60

Air Canada.... 65

Alaska Air Group Inc. ............................. 72

American Airlines Group Inc. ................. 80

Avianca Holdings S.A. ........................... 95

British Airways Plc ............................... 102

Delta Air Lines, Inc............................... 108

Etihad Airways PJSC........................... 120

GOL Linhas Aereas Inteligentes S.A. .. 123

Hawaiian Holdings, Inc. ....................... 129

JetBlue Airways Corporation................ 136

LATAM Airlines Group S.A. ................. 143

Norwegian Air Shuttle ASA. ................. 151

Ryanair Holdings plc ............................ 157

Southwest Airlines Co.......................... 162

Spirit Airlines, Inc. ................................ 170

United Continental Holdings, Inc.......... 177

VistaJet Group Holding Limited............ 189

Aerospace Manufacturer Profiles

Aerospace Comparison Table.............. 195

The Boeing Company...........................196

Airbus Group SE.......................217

Embraer S.A222

BombardierInc.....................................231

AVIC International Holding Corporation........244

AircraftProfilesAircraft

Collateral Profiles.....................248

Enhanced Equipment Trust Certificate Summaries

Enhanced Equipment Trust Certificate Summaries.......................268