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CreditFAQ Discusses The Impact Of The Russia-Ukraine Conflict On Aircraft ABS Securitizations

NEW YORK (S&P Global Ratings) March 15, 2022--S&P Global Ratings today published a credit FAQ entitled, "Impact Of The Russia-Ukraine Conflict On Aircraft ABS Securitizations." The FAQ addresses some of the frequently asked questions about how the recent EU sanctions over the Russia-Ukraine conflict will affect outstanding aircraft asset-backed securitization (ABS) lease transactions.

"We believe it is too soon to assess the overall impact of these events, but it will certainly stress liquidity in the near term for the affected transactions," said S&P Global Ratings' credit analyst Deborah Newman.

On Feb. 28, 2022, S&P Global Ratings reviewed the exposure in aircraft lease ABS transactions to airline operators in Russia and Ukraine. Of the 25 outstanding rated commercial aircraft lease ABS transactions issued since 2013, 12 (representing a total of 31 aircraft) are currently exposed to 15 airlines domiciled in either Russia or Ukraine. The exposure, based on reported adjusted base values, ranges from approximately 3% to 21%, with one-to-seven aircraft in individual portfolios (see "S&P Global Ratings Reviews Aircraft ABS Exposure To Russian And Ukrainian Airlines," published Feb. 28, 2022).

This report does not constitute a rating action.

The report is available to subscribers of RatingsDirect at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to research_request@spglobal.com. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.

Primary Credit Analysts:Deborah L Newman, New York + 1 (212) 438 4451;
deborah.newman@spglobal.com
Rajesh Subramanian, Toronto + 1 (416) 507 3232;
rajesh.subramanian@spglobal.com
Secondary Contact:Gerhard Van der poel, New York;
gerhard.van.der.poel@spglobal.com
Analytical Manager:Ildiko Szilank, New York + 1 (212) 438 2614;
ildiko.szilank@spglobal.com
Media Contact:Orla Obrien, Boston +1 (857) 407-8559;
orla.obrien@spglobal.com

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