One or more of the credit ratings referenced within this article was arrived at by deviating from S&P Global Ratings' published criteria (see the AOG Times section of "Various Actions Taken On Aircraft And Aircraft Engine ABS Transaction Ratings Previously Placed On Watch" for details).
Earlier today (Sept. 15, 2020), S&P Global Ratings took various rating actions on 60 ratings on 23 aircraft and aircraft engine ABS transactions that were originally placed on CreditWatch with negative implications on March 19, 2020, as a result of the unprecedented impact of the COVID-19 outbreak and the restrictive policies put in place to slow its spread (see "Various Actions Taken On Aircraft And Aircraft Engine ABS Transaction Ratings Previously Placed On Watch"). Here we provide further details on those rating actions on a transaction-by-transaction basis. Aggregate data and the list of rating actions can also be found at the end of this report.
Deal-By-Deal Breakdown
For each of the 20 aircraft ABS transaction reviewed today, we considered the results of our cash flow analysis as well as collateral characteristics and performance trends. Our rating actions were primarily driven by our cash flow results, peer comparisons, and credit considerations listed below. In certain cases, the presence of collateral or structural characteristics for a given transaction resulted in a lower or higher rating than indicated by our cash flow results.
Table 1
Credit Considerations | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Negative | Positive | |||||||||||||||||||||||
Issuer | Senior class LTV over threshold(ii) | All classes combined LTV over threshold(ii) | Off-lease + near-term lease expirations over threshold(iv)(v)(vi) | Exposure to one or more defaulted lessees | Exposure to wide-body over threshold(i) | Decline in collections Nov. 2019-Aug. 2020 over threshold(iii) | DSCR below threshold(vii) | At least one class behind in scheduled principal payments | Subordinated note deferring interest | Wide-body wgt. avg. remaining term over threshold(i) | 25-year useful life run considered due to wgt. avg. age below threshold(i) | |||||||||||||
Threshold value | 75% | 90% | 20% | 25% | 50% | 1.00 | 5 years | 8 years | ||||||||||||||||
Castlelake Aircraft Securitization Trust 2016-1 | X | X | X | X | ||||||||||||||||||||
Castlelake Aircraft Structured Trust 2017-1 | X | X | X | X | X | |||||||||||||||||||
DCAL Aviation Finance Ltd. | X | X | X | X | X | X | X | X | X | X | ||||||||||||||
Falcon Aerospace Ltd. | X | X | X | |||||||||||||||||||||
Harbour Aircraft Investments Ltd. | X | X | X | X | X | X | ||||||||||||||||||
JOL Air 2019-1 | X | X | X | X | X | X | X | X | ||||||||||||||||
KDAC Aviation Finance (Cayman) Ltd. | X | X | X | X | X | X | ||||||||||||||||||
Labrador Aviation Finance Ltd. | X | X | X | X | X | X | ||||||||||||||||||
MAPS 2018-1 Ltd. | X | X | X | X | ||||||||||||||||||||
MAPS 2019-1 Ltd. | X | X | X | X | ||||||||||||||||||||
Merlin Aviation Holdings DAC | X | X | X | X | X | |||||||||||||||||||
Raptor Aircraft Finance I Ltd. | X | X | X | X | X | X | X | X | X | |||||||||||||||
Shenton Aircraft Investment I Ltd. | X | X | X | X | X | X | ||||||||||||||||||
S-JETS 2017-1 Ltd. | X | X | X | X | X | X | X | X | X | |||||||||||||||
Sprite 2017-1 Ltd. | X | X | X | |||||||||||||||||||||
START Ltd. | X | X | X | X | X | X | ||||||||||||||||||
Tailwind 2019-1 Ltd. | X | X | X | X | X | X | ||||||||||||||||||
WAVE 2017-1 LLC | X | X | X | X | X | X | X | X | ||||||||||||||||
WAVE 2019-1 LLC | X | X | X | X | X | X | X | |||||||||||||||||
Zephyrus Capital Aviation Partners 2018-1 Ltd. | X | X | X | X | X | |||||||||||||||||||
(i)Calculated based on LMM of appraised values. (ii)Values calculated as LMM minus S&P Global Ratings' starting value haircut (depreciation + 50% of 'B' lease rate decline stress). (iii)Decline measured as reduction in lease collections between November 2019 and July 2020. (iv)Off-lease status for modeling purposes determined as of Aug. 15, 2020, based upon stated lease termination date. In some cases, such aircraft have not been redelivered and may be paying rent until redelivered. (v)Near-term lease expirations are defined as leases currently expired, or with a termination date before Aug. 15, 2021. (vi)Near-term lease exposure calculated based on percentage of aircraft by count. (vii)Based on trailing DSCR reported by servicer. LMM--Lower of media and mean. LTV--Loan to value. DSCR--Debt service coverage ratio. Wgt. avg.--Weighted average. |
Table 2
Liability Info | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Senior class LTV (%)(i) | All classes combined LTV (%)(i) | Liquidity facility draw (Y/N) | Subord. class interest being deferred? (Y/N) | Current balance -- August 2020 (mil. $) | Principal payments on schedule (Y/N) | Paydowns since last review (mil. $) | Note factor (current balance divided by original balance) (%) | Original balance (mil. $) | |||||||||||
Castlelake Aircraft Securitization Trust 2016-1 | 60 | 72 | N | Y | 322.10 | N | 17.49 | 35 | 916.00 | |||||||||||
Castlelake Aircraft Structured Trust 2017-1 | 70 | 88 | N | Y | 488.80 | N | 3.97 | 62 | 785.50 | |||||||||||
DCAL Aviation Finance Ltd. | 78 | 94 | N | Y | 294.20 | N | 0.96 | 44 | 667.00 | |||||||||||
Falcon Aerospace Ltd. | 62 | 79 | N | N | 185.07 | N | 3.54 | 45 | 410.00 | |||||||||||
Harbour Aircraft Investments Ltd. | 71 | 94 | N | N | 302.84 | N | (0.32) | 52 | 579.80 | |||||||||||
JOL Air 2019-1 | 78 | 91 | N | N | 477.41 | N | 1.20 | 86 | 553.66 | |||||||||||
KDAC Aviation Finance (Cayman) Ltd. | 67 | 85 | N | Y | 547.40 | N | 2.28 | 40 | 1,352.32 | |||||||||||
Labrador Aviation Finance Ltd. | 77 | 91 | N | N | 549.35 | N | 10.84 | 77 | 709.00 | |||||||||||
MAPS 2018-1 Ltd. | 76 | 92 | N | Y | 418.26 | N | 5.65 | 83 | 506.50 | |||||||||||
MAPS 2019-1 Ltd | 69 | 90 | N | N | 380.73 | N | 4.47 | 89 | 429.06 | |||||||||||
Merlin Aviation Holdings DAC | 60 | 69 | N | Y | 117.58 | N | - | 47 | 250.80 | |||||||||||
Raptor Aircraft Finance I Ltd. | 78 | 102 | N | Y | 560.70 | N | 0.70 | 77 | 726.00 | |||||||||||
Shenton Aircraft Investment I Ltd. | 76 | 83 | N | N | 425.17 | N | 1.47 | 53 | 807.98 | |||||||||||
S-JETS 2017-1 Ltd. | 80 | 94 | N | Y | 605.27 | N | 2.34 | 78 | 780.80 | |||||||||||
Sprite 2017-1 Ltd. | 68 | 86 | N | N | 374.94 | N | 5.37 | 64 | 585.00 | |||||||||||
START Ltd. | 70 | 95 | N | Y | 425.47 | N | 0.90 | 72 | 586.90 | |||||||||||
Tailwind 2019-1 Ltd. | 85 | 106 | N | N | 474.47 | N | 68.65 | 74 | 637.00 | |||||||||||
WAVE 2017-1 LLC | 76 | 92 | N | Y | 368.43 | N | 5.24 | 77 | 480.07 | |||||||||||
WAVE 2019-1 LLC | 79 | 97 | N | Y | 644.47 | N | 4.51 | 95 | 678.08 | |||||||||||
Zephyrus Capital Aviation Partners 2018-1 Ltd. | 77 | 77 | N | N | 258.92 | Y | 11.00 | 77 | 336.60 | |||||||||||
(i)Values calculated as LMM minus S&P Global Ratings' starting value haircut (depreciation + 50% of 'B' lease rate decline stress). LMM--Lower of media and mean. LTV--Loan to value. |
Table 3
Lease Info | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Servicer (S&P Global Ratings' credit rating, if applicable) | Lessees (no.) | Defaulted lessees (no.) | Decline in lease revenue(%)(ii) | Weighted avg. remaining term (all) (years)(i) | Weighted avg. remaining term (wide-body) (years)(i) | ||||||||
Castlelake Aircraft Securitization Trust 2016-1 | Castlelake LP | 11 | 1 | 61 | 4.4 | 1.9 | ||||||||
Castlelake Aircraft Structured Trust 2017-1 | Castlelake LP | 14 | 1 | 37 | 3.4 | 2.7 | ||||||||
DCAL Aviation Finance Ltd. | DVB Bank SE (BBB) | 10 | 1 | 79 | 3.9 | 5.8 | ||||||||
Falcon Aerospace Ltd. | Dubai Aerospace Enterprise Ltd. (BB+) | 8 | 0 | 56 | 2.6 | N/A | ||||||||
Harbour Aircraft Investments Ltd. | Carlyle Aviation Management Ltd. | 17 | 3 | 60 | 2.1 | N/A | ||||||||
JOL Air 2019-1 | Stratos Aircraft Management Ltd. | 11 | 1 | 54 | 6.8 | 7.7 | ||||||||
KDAC Aviation Finance (Cayman) Ltd. | DVB Bank SE (BBB) | 28 | 0 | 54 | 2.2 | 2.3 | ||||||||
Labrador Aviation Finance Ltd. | GE Capital Aviation Services (BBB+) | 16 | 1 | 26 | 4.1 | 4.6 | ||||||||
MAPS 2018-1 Ltd. | Merx Aviation Servicing Ltd. | 16 | 0 | 45 | 3.4 | N/A | ||||||||
MAPS 2019-1 Ltd | Merx Aviation Servicing Ltd. | 14 | 2 | 49 | 4.7 | 4.8 | ||||||||
Merlin Aviation Holdings DAC | ACG Aircraft Leasing Ireland Ltd. | 9 | 1 | 69 | 3.0 | N/A | ||||||||
Raptor Aircraft Finance I Ltd. | Seraph Aviation Management Ltd. | 9 | 4 | 69 | 4.2 | 5.5 | ||||||||
Shenton Aircraft Investment I Ltd. | BOC Aviation Ltd. (A-) | 14 | 1 | 30 | 4.8 | 7.3 | ||||||||
S-JETS 2017-1 Ltd. | Goshawk Aviation Ltd. | 14 | 1 | 33 | 4.5 | 5.8 | ||||||||
Sprite 2017-1 Ltd. | World Star Aviation Ltd. | 14 | 1 | 41 | 3.8 | 5.5 | ||||||||
START Ltd. | GE Capital Aviation Services (BBB+) | 14 | 1 | 80 | 3.0 | N/A | ||||||||
Tailwind 2019-1 Ltd. | Airborne Capital Ltd. | 11 | 0 | 67 | 5.3 | 2.7 | ||||||||
WAVE 2017-1 LLC | Wings Capital Partners LLC | 16 | 3 | 62 | 2.0 | 0.6 | ||||||||
WAVE 2019-1 LLC | Wings Capital Partners LLC | 15 | 0 | 61 | 4.6 | N/A | ||||||||
Zephyrus Capital Aviation Partners 2018-1 Ltd. | Zephyrus Aviation Capital Ltd. | 15 | 1 | 58 | 2.3 | 1.8 | ||||||||
(i)Calculated based on LMM of appraised values. (ii)Decline measured as reduction in lease collections between November 2019 and July 2020. N/A--Not applicable. |
Table 4
Asset Info | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Assets (no.) | Current off-lease (no.)(iv) | Off-lease + near-term lease expirations (no.)(iv)(v) | Wide-body (%)(i) | Weighted avg. age (years)(i) | Appraisal date | LMM at appraisal (mil. $) | LMM as modeled (mil. $)(ii) | DSCR(viii) | |||||||||||
Castlelake Aircraft Securitization Trust 2016-1 | 29 | 2 | 5 | 20 | 15.0 | Jan-20 | 515.44 | 449.80 | 1.28 | |||||||||||
Castlelake Aircraft Structured Trust 2017-1 | 37 | 0 | 5 | 27 | 15.7 | Jan-20 | 627.48 | 554.19 | 0.87 | |||||||||||
DCAL Aviation Finance Ltd. | 16 | 4 | 5 | 46 | 11.1 | Dec-19 | 367.66 | 313.46 | 0.74 | |||||||||||
Falcon Aerospace Ltd. | 15 | 3 | 6 | 0 | 13.2 | Dec-19 | 267.05 | 232.88 | 1.50 | |||||||||||
Harbour Aircraft Investments Ltd. | 22 | 9 | 13 | 0 | 15.7 | Nov-19 | 361.91 | 320.61 | 0.67 | |||||||||||
JOL Air 2019-1 | 15 | 0 | 0 | 37 | 5.5 | May-20 | 588.37 | 524.80 | 1.97 | |||||||||||
KDAC Aviation Finance (Cayman) Ltd. | 34 | 2 | 10 | 38 | 14.5 | Jun-20 | 750.09 | 644.30 | 0.44 | |||||||||||
Labrador Aviation Finance Ltd. | 20 | 3 | 4 | 34 | 8.6 | Dec-19 | 675.48 | 600.64 | 0.82 | |||||||||||
MAPS 2018-1 Ltd. | 25 | 0 | 3 | 0 | 11.3 | Mar-20 | 520.92 | 456.04 | 1.11 | |||||||||||
MAPS 2019-1 Ltd | 19 | 0 | 1 | 9 | 10.0 | Mar-20 | 475.62 | 421.32 | 0.86 | |||||||||||
Merlin Aviation Holdings DAC | 12 | 1 | 3 | 0 | 16.8 | Nov-19 | 197.38 | 171.17 | 1.06 | |||||||||||
Raptor Aircraft Finance I Ltd. | 16 | 2 | 3 | 13 | 5.0 | Dec-19 | 627.43 | 547.30 | 0.29 | |||||||||||
Shenton Aircraft Investment I Ltd. | 17 | 0 | 1 | 40 | 9.0 | Dec-19 | 584.32 | 514.79 | 0.53 | |||||||||||
S-JETS 2017-1 Ltd. | 20 | 1 | 3 | 30 | 6.3 | Mar-20 | 719.27 | 644.57 | 0.72 | |||||||||||
Sprite 2017-1 Ltd. | 20 | 0 | 4 | 23 | 11.9 | Dec-19 | 508.77 | 438.01 | 1.26 | |||||||||||
START Ltd. | 22 | 2 | 3 | 0 | 10.6 | Jun-20 | 509.39 | 449.21 | 0.82 | |||||||||||
Tailwind 2019-1 Ltd. | 14 | 0 | 0 | 17 | 5.8 | Apr-20 | 498.56 | 446.91 | 0.63 | |||||||||||
WAVE 2017-1 LLC | 18 | 1 | 6 | 11 | 9.7 | May-20 | 444.22 | 399.04 | 0.87 | |||||||||||
WAVE 2019-1 LLC | 23 | 2 | 2 | 0 | 5.3 | Mar-20 | 750.99 | 665.81 | 0.92 | |||||||||||
Zephyrus Capital Aviation Partners 2018-1 Ltd. | 19 | 4 | 6 | 28 | 14.8 | Mar-20 | 383.75 | 336.59 | 1.42 | |||||||||||
(i)Calculated based on LMM of appraised values. (ii)Values calculated as LMM minus S&P Global Ratings' starting value haircut (depreciation + 50% of 'B' lease rate decline stress). (iii)Decline measured as reduction in lease collections between November 2019 and July 2020. (iv)Off-lease status for modeling purposes determined as of Aug. 15, 2020, based upon stated lease termination date. In some cases, such aircraft have not been redelivered and may be paying rent until redelivered. (v)Near-term lease expirations are defined as leases currently expired, or with a termination date before Aug. 15, 2021. (vi)Near-term lease exposure calculated based on percentage of aircraft by count. (vii)Calculated based on appraisal LMM. (viii)Based on trailing DSCR reported by servicer. LMM--Lesser of the mean and median. DSCR--Debt service coverage ratio. |
For each of the three aircraft engine ABS transaction reviewed, we considered the results of our cash flow analysis from June 2020 because the portfolios generally have not changed and little-to-no principal was paid on the notes since our June review. We also considered qualitative factors, including exposure to engines off lease, lack of principal payments, and the resulting increase in overall loan-to-value and imbalances in the market between supply and demand, which has led to longer off-lease periods.
Table 5
Qualitative Considerations - Engines | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Negative | ||||||||||||||
Issuer | Senior class LTV over threshold(i) | All classes combined LTV over threshold(i) | Off-lease + near-term lease expirations (ii)(iii)(iv) | Exposure to one or more defaulted lessees | At least one class behind in scheduled principal payments | Subordinated note deferring interest | ||||||||
Threshold value | 75% | 90% | 20% | |||||||||||
FAN Engine Securitization Ltd. | X | X | X | X | ||||||||||
Rotor Engines Securitization Ltd. | X | X | ||||||||||||
Turbine Engines Securitization Ltd. | X | X | X | |||||||||||
(i)Values calculated as LMM minus S&P starting value haircut (depreciation + 50% of 'B' lease rate decline stress). (ii)Off-lease status for modeling purposes determined as of Aug. 15, 2020, based upon stated lease termination date. In some cases such aircraft have not been redelivered and may be paying rent until redelivered. (iii)Near-term lease expirations are defined as leases currently expired, or with a termination date before Aug. 15, 2021. (iv)Near-term lease exposure calculated based on percentage of aircraft by count. LTV--Loan to value. |
Table 6
Liability Info - Engines | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Senior class LTV (%)(i) | All classes combined LTV (%)(i) | Liquidity facility draw (Y/N) | Subord. class interest being deferred? (Y/N) | Current balance -- August 2020 (mil. $) | Principal payments on schedule (Y/N) | Paydowns since last review (mil. $) | Note factor (%) | Original balance (mil. $) | |||||||||||
FAN Engine Securitization Ltd. | 92 | 92 | N | N | 106.41 | N | - | 63 | 169.50 | |||||||||||
Rotor Engines Securitization Ltd. | 65 | 73 | N | N | 80.70 | N | - | 22 | 364.36 | |||||||||||
Turbine Engines Securitization Ltd. | 73 | 81 | N | N | 169.75 | N | - | 47 | 362.50 | |||||||||||
(i)Calculated based on LMM of appraised values. LMM--Lower of median and mean. LTV--Loan to value. |
Table 7
Lease Info - Engines | ||||
---|---|---|---|---|
Issuer | Servicer (S&P Global Ratings' credit rating, if applicable) | Lessees (no.) | Defaulted lessees (no.) | Weighted avg. remaining term (all) (years)(i) |
FAN Engine Securitization Ltd. | GE Capital Aviation Services (BBB+) | 8 | 0 | 1.2 |
Rotor Engines Securitization Ltd. | GE Capital Aviation Services (BBB+) | 6 | 0 | 0.6 |
Turbine Engines Securitization Ltd. | GE Capital Aviation Services (BBB+) | 13 | 0 | 1.4 |
Table 8
Asset Info - Engines | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Assets (no.) | Current off-lease (no.) | Off-lease + near-term lease expirations (no.)(iii)(iv)(v) | Weighted avg. age, years(i) | Appraisal date | LMM at appraisal (mil. $) | LMM as modeled (mil. $)(ii) | |||||||||
FAN Engine Securitization Ltd. | 17 | 4 | 7 | 16.8 | Dec-19 | 129.97 | 117.84 | |||||||||
Rotor Engines Securitization Ltd. | 16 | 10 | 12 | 12.7 | Dec-19 | 120.77 | 111.28 | |||||||||
Turbine Engines Securitization Ltd. | 26 | 5 | 13 | 14.1 | Dec-19 | 230.70 | 210.51 | |||||||||
(i)Calculated based on LMM of appraised values. (ii) Values calculated as LMM minus S&P Global Ratings' starting value haircut (depreciation + 50% of 'B' lease rate decline stress). (iii)Off-lease status for modeling purposes determined as of Aug. 15, 2020, based upon stated lease termination date. In some cases, such aircraft have not been redelivered and may be paying rent until redelivered. (iv)Near-term lease expirations are defined as leases currently expired, or with a termination date before Aug. 15, 2021. (v)Near-term lease exposure calculated based on percentage of aircraft by count. LMM--Lesser of the mean and median. |
The below table indicates the ratings movement on S&P Global Ratings-rated aircraft and aircraft engine ABS (including business jets) notes from Dec. 31, 2019, to Sept. 15, 2020.
Table 9
S&P Global Ratings-Rated Aircraft And Aircraft Engine ABS (Including Business Jets) Ratings Transition | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019, to Sep. 15, 2020 | ||||||||||||||||||||||||||||||||||||||
Ratings as of Dec. 31, 2019 | Ratings as of Sept. 15, 2020 | |||||||||||||||||||||||||||||||||||||
AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC | CC | NR | Total | |||||||||||||||||||||
AA | 1 | 1 | ||||||||||||||||||||||||||||||||||||
AA- | 1 | 1 | ||||||||||||||||||||||||||||||||||||
A+ | 1 | 1 | ||||||||||||||||||||||||||||||||||||
A | 4 | 1 | 8 | 6 | 1 | 2 | 1 | 1 | 2 | 26 | ||||||||||||||||||||||||||||
A- | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||||||||||||
BBB+ | 0 | |||||||||||||||||||||||||||||||||||||
BBB | 3 | 1 | 8 | 6 | 1 | 2 | 2 | 1 | 24 | |||||||||||||||||||||||||||||
BBB- | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||||||||||||
BB+ | 1 | 1 | ||||||||||||||||||||||||||||||||||||
BB | 4 | 5 | 4 | 1 | 2 | 1 | 17 | |||||||||||||||||||||||||||||||
BB- | 0 | |||||||||||||||||||||||||||||||||||||
B+ | 1 | 1 | ||||||||||||||||||||||||||||||||||||
B | 1 | 1 | ||||||||||||||||||||||||||||||||||||
B- | 2 | 2 | ||||||||||||||||||||||||||||||||||||
CC | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Total | 1 | 1 | 0 | 4 | 1 | 9 | 10 | 3 | 12 | 10 | 3 | 10 | 4 | 4 | 5 | 3 | 4 | 84 | ||||||||||||||||||||
NR--Not rated. |
Ratings List | ||||
---|---|---|---|---|
Rating | ||||
Issuer | Series | Class | To | From |
Castlelake Aircraft Securitization Trust 2016-1 |
2016-1 | A loans | A (sf) | A (sf)/Watch Neg |
Castlelake Aircraft Securitization Trust 2016-1 |
2016-1 | B loans | BBB (sf) | BBB (sf)/Watch Neg |
Castlelake Aircraft Securitization Trust 2016-1 |
2016-1 | C loans | BB (sf) | BB (sf)/Watch Neg |
Castlelake Aircraft Structured Trust 2017-1 |
2017-1 | A loans | BBB (sf) | A (sf)/Watch Neg |
Castlelake Aircraft Structured Trust 2017-1 |
2017-1 | B loans | BB (sf) | BBB (sf)/Watch Neg |
Castlelake Aircraft Structured Trust 2017-1 |
2017-1 | C loans | B (sf) | BB- (sf)/Watch Neg |
DCAL Aviation Finance Ltd. |
2015 | A-1 | BB- (sf) | BBB+ (sf)/Watch Neg |
DCAL Aviation Finance Ltd. |
2015 | B-1 | B- (sf) | BB+ (sf)/Watch Neg |
DCAL Aviation Finance Ltd. |
2015 | C-1 | CCC (sf) | B+ (sf)/Watch Neg |
Falcon Aerospace Ltd. |
A | A- (sf) | A (sf)/Watch Neg | |
Falcon Aerospace Ltd. |
B | BBB- (sf) | BBB (sf)/Watch Neg | |
Falcon Aerospace Ltd. |
C | BB (sf) | BB (sf)/Watch Neg | |
FAN Engine Securitization Ltd. |
2013-1 | A | B+ (sf) | BB+ (sf)/Watch Neg |
Harbour Aircraft Investments Ltd. |
2017 | A loans | BB+ (sf) | BBB+ (sf)/Watch Neg |
Harbour Aircraft Investments Ltd. |
2017 | B loans | BB- (sf) | BB+ (sf)/Watch Neg |
Harbour Aircraft Investments Ltd. |
2017 | C loans | CCC (sf) | B- (sf)/Watch Neg |
JOL Air 2019-1 |
2019-1 | A | BBB+ (sf) | A (sf)/Watch Neg |
JOL Air 2019-1 |
2019-1 | B | BB+ (sf) | BBB (sf)/Watch Neg |
KDAC Aviation Finance (Cayman) Ltd. |
2017-1 | A | BBB (sf) | A (sf)/Watch Neg |
KDAC Aviation Finance (Cayman) Ltd. |
2017-1 | B | BB (sf) | BBB (sf)/Watch Neg |
KDAC Aviation Finance (Cayman) Ltd. |
2017-1 | C | B+ (sf) | BB- (sf)/Watch Neg |
Labrador Aviation Finance Ltd. |
2016 | A | BBB+ (sf) | A (sf)/Watch Neg |
Labrador Aviation Finance Ltd. |
2016 | B | BB+ (sf) | BBB- (sf)/Watch Neg |
MAPS 2018-1 Ltd. |
A | BBB+ (sf) | A (sf)/Watch Neg | |
MAPS 2018-1 Ltd. |
B | BB+ (sf) | BBB (sf)/Watch Neg | |
MAPS 2018-1 Ltd. |
C | B+ (sf) | BB (sf)/Watch Neg | |
MAPS 2019-1 Ltd. |
2019-1 | A | BBB+ (sf) | A (sf)/Watch Neg |
MAPS 2019-1 Ltd. |
2019-1 | B | BB+ (sf) | BBB (sf)/Watch Neg |
MAPS 2019-1 Ltd. |
2019-1 | C | B+ (sf) | BB (sf)/Watch Neg |
Merlin Aviation Holdings DAC |
2016-1 | A | BBB+ (sf) | A- (sf)/Watch Neg |
Merlin Aviation Holdings DAC |
2016-1 | B | BB+ (sf) | BBB- (sf)/Watch Neg |
Merlin Aviation Holdings DAC |
2016-1 | C | B+ (sf) | B+ (sf)/Watch Neg |
Raptor Aircraft Finance I Ltd. |
A | BB+ (sf) | A- (sf)/Watch Neg | |
Raptor Aircraft Finance I Ltd. |
B | B+ (sf) | BBB- (sf)/Watch Neg | |
Raptor Aircraft Finance I Ltd. |
C | CCC (sf) | B+ (sf)/Watch Neg | |
Rotor Engines Securitization Ltd. |
2011-1 | A | B+ (sf) | BBB (sf)/Watch Neg |
Rotor Engines Securitization Ltd. |
2011-1 | B | B- (sf) | BB+ (sf)/Watch Neg |
Shenton Aircraft Investment I Ltd |
2015-1A | BBB+ (sf) | A (sf)/Watch Neg | |
Shenton Aircraft Investment I Ltd |
2015-1B | BB+ (sf) | BBB (sf)/Watch Neg | |
S-JETS 2017-1 Ltd. |
2017-1 | A | BBB (sf) | A (sf)/Watch Neg |
S-JETS 2017-1 Ltd. |
2017-1 | B | BB (sf) | BBB (sf)/Watch Neg |
S-JETS 2017-1 Ltd. |
2017-1 | C | B (sf) | BB (sf)/Watch Neg |
Sprite 2017-1 Ltd. |
2017-1 | A | BBB (sf) | A (sf)/Watch Neg |
Sprite 2017-1 Ltd. |
2017-1 | B | BB (sf) | BBB (sf)/Watch Neg |
Sprite 2017-1 Ltd. |
2017-1 | C | B+ (sf) | BB (sf)/Watch Neg |
START Ltd. |
A | BBB+ (sf) | A (sf)/Watch Neg | |
START Ltd. |
B | BB+ (sf) | BBB (sf)/Watch Neg | |
START Ltd. |
C | B+ (sf) | BB (sf)/Watch Neg | |
Tailwind 2019-1 Ltd. |
2019 | A | BBB (sf) | A (sf)/Watch Neg |
Tailwind 2019-1 Ltd. |
2019 | B | BB (sf) | BBB- (sf)/Watch Neg |
Tailwind 2019-1 Ltd. |
2019 | C | B- (sf) | BB- (sf)/Watch Neg |
Turbine Engines Securitization Ltd. |
2013-1 | 2013-1A | BBB+ (sf) | A- (sf)/Watch Neg |
Turbine Engines Securitization Ltd. |
2013-1 | 2013-1B | BB+ (sf) | BB+ (sf)/Watch Neg |
WAVE 2017-1 LLC |
2017-1 | A | BBB (sf) | A (sf)/Watch Neg |
WAVE 2017-1 LLC |
2017-1 | B | BB (sf) | BBB (sf)/Watch Neg |
WAVE 2017-1 LLC |
2017-1 | C | B (sf) | BB (sf)/Watch Neg |
WAVE 2019-1 LLC |
2019-1 | A | BBB+ (sf) | A (sf)/Watch Neg |
WAVE 2019-1 LLC |
2019-1 | B | BB+ (sf) | BBB (sf)/Watch Neg |
WAVE 2019-1 LLC |
2019-1 | C | B (sf) | BB (sf)/Watch Neg |
Zephyrus Capital Aviation Partners 2018-1 Ltd. |
2018-1 | A loans | BBB- (sf) | A- (sf) /Watch Neg |
This report does not constitute a rating action.
Primary Credit Analysts: | Deborah L Newman, New York (1) 212-438-4451; deborah.newman@spglobal.com |
Rajesh Subramanian, Centennial (1) 303-721-4241; rajesh.subramanian@spglobal.com | |
Sector Lead: | Belinda Ghetti, New York (1) 212-438-1595; belinda.ghetti@spglobal.com |
Analytical Manager: | Ildiko Szilank, New York (1) 212-438-2614; ildiko.szilank@spglobal.com |
Secondary Contacts: | Jie Liang, CFA, New York (1) 212-438-8654; jie.liang@spglobal.com |
Maxym Rumyantsev, New York + 1 (212) 438 0302; maxym.rumyantsev@spglobal.com | |
Peter J Lorbiecki, Centennial (1) 303-721-4992; peter.lorbiecki@spglobal.com | |
Craig J Nelson, New York + 1 (212) 438 8124; craig.nelson@spglobal.com | |
Steven Margetis, New York (1) 212-438-8091; steven.margetis@spglobal.com |
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