A model of the concentrations of suspended solids (SS) in the aeration tanks and in the effluent from these during Aeration tank settling (ATS) operation is established. The model is based on simple SS mass balances, a model of the sludge settling and a simple model of how the SS concentration in the effluent from the aeration tanks depends on the actual concentrations in the tanks and the sludge blanket depth. The model is formulated in continuous time by means of stochastic differential equations with discrete-time observations. The parameters of the model are estimated using a maximum likelihood method from data from an alternating BioDenipho waste water treatment plant (WWTP). The model is an important tool for analyzing ATS operation and for selecting the appropriate control actions during ATS, as the model can be used to predict the SS amounts in the aeration tanks as well as in the effluent from the aeration tanks.