Fitch affirms Delta EETCs; Revises outlooks to stable

Delta Air Lines Pass Through Certificates, Series 2000-1

--Class A-2 at 'BB'; Outlook to Stable from Negative;

--Class B at 'B'; Outlook to Stable from Negative.

Delta Air Lines Pass Through Certificates, Series 2001-1

--Class A-1 and A-2 at 'BB'; Outlook to Stable from Negative;

--Class B at 'B'; Outlook to Stable from Negative.

Delta Air Lines European Enhanced Equipment Trust Certificates, Series 2001-2

--Class B at 'BB-'; Outlook to Stable from Negative.

Delta Air Lines Pass Through Certificates, Series 2002-1

--Class C at 'B+'; Outlook to Stable from Negative.

Delta Air Lines Pass Through Certificates, Series 2007-1

--Class A at 'BBB-'; Outlook to Stable from Negative.

Fitch's review of the Delta EETC transactions listed above was consistent with Fitch's EETC criteria titled 'Surveillance Criteria for Enhanced Equipment Trust Certificates'.

EETCs are hybrid corporate - structured debt obligations in which payment on the notes is effectively supported by the underlying corporate entity, while structured elements of the transaction provide protection to investors in the event of issuer default. As such, Fitch's ratings on EETC transactions are strongly tied to the Issuer Default Rating (IDR) of the issuing entity and incorporate credit to the reduced probability of default (PD) provided by the collateral and structural enhancements in place. The analysis also incorporates a review of the recovery prospects on the issued securities in the event that they default, similar to Fitch's approach for assigning recovery credit to secured corporate debt.

On June 29, 2010, Fitch affirmed Delta's IDR at 'B-' and revised the Outlook to Stable from Negative. As the ratings on the EETCs are tied to the IDR of the issuing entity, all classes have been affirmed and their Outlooks have also been revised to Stable from Negative.

Fitch will continue to monitor the transaction and take appropriate rating actions if necessary.

Applicable criteria, 'Surveillance Criteria for Enhanced Equipment Trust Certificates', dated Nov. 18, 2009 and 'Global Structured Finance rating Criteria' dated Sept. 30, 2009 are available at 'www.fitchratings.com