KBRA Assigns a Preliminary Rating to AASET 2024-1 Trust
NEW YORK–(BUSINESS WIRE)–
Proceeds from the Class A-1 Notes will be used to acquire a portfolio of 12 assets (the Portfolio); consisting of 10 narrowbody aircraft (70.3% by value) and two widebody aircraft (29.7% by value) on lease (or expected to be on lease to) to 11 lessees located in 10 jurisdictions. As of April 12, 2024 (the Cutoff Date), the weighted average remaining term of the initial lease contracts is approximately 9.2 years. The Portfolio has an initial value of approximately $658.5 million.
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Methodologies
- ABS: Aviation ABS Global Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Doc ID: 1004500
Contacts
Analytical
Michael Lepri, Senior Director (Lead Analyst)
+1 646-731-3389
[email protected]
Yash Talathi, Analyst
+1 646-731-1214
[email protected]
Alan Greenblatt, Managing Director
+1 646-731-2496
[email protected]
Sam Kwak, Associate Director
+1 646-731-1319
[email protected]
Eric Neglia, Head of Commercial and Consumer ABS (Rating Committee Chair)
+1 646-731-2456
[email protected]
Business Development
Arielle Smelkinson, Senior Director
+1 646-731-2369
[email protected]
