OVERVIEW Castlelake Aircraft Securitization Trust 2015-1's issuance is an ABS transaction backed by the AOE issuers' series A, B, and C notes, which are in turn backed by aircraft- and engine-related leases, as well as shares or beneficial interests in entities that directly and indirectly receive aircraft portfolio leases and residual cash flows, among others. We affirmed our ratings on the class A, B, and C notes. The affirmations reflect the portfolio's stable performance despite a relatively older aircraft portfolio and drop in the loan-to-value (LTV) ratio for the notes since closing. CENTENNIAL (S&P Global Ratings) Dec. 28, 2018--S&P Global Ratings today affirmed its ratings on Castlelake Aircraft Securitization Trust 2015-1's class A, B, and C fixed-rate asset-backed notes (see list). Castlelake Aircraft Securitization Trust 2015-1's issuance is an asset-backed securities (ABS) transaction backed by the AOE issuers' series A, B,