KBRA Assigns a Preliminary Rating to AASET 2024-1 Trust Class A-2 Notes
June 27 2024 - 6:35PM
Business Wire
KBRA assigns a preliminary rating to AASET 2024-1 Trust, Class
A-2 Notes. The Class A-2 Notes represent the Issuer’s second
issuance from AASET 2024-1 following the issuance of the AASET
2024-1, Class A-1 Notes, which closed on June 17, 2024. In
conjunction with the issuance of the Class A-2 Notes, KBRA
anticipates affirming the rating on the Issuer’s outstanding Class
A-1 Notes. The ratings are consistent with the results of our cash
flow analysis following the addition of the Class A-2 Notes.
Proceeds from the Class A-1 Notes will facilitate the
acquisition of 12 aircraft identified at the time of the closing of
the Class A-1 Notes on June 17, 2024 (see KBRA’s AASET 2024-1 New
Issue Report for further information). The Class A-2 Notes will
facilitate the acquisition of eight additional aircraft. The
cumulative Portfolio will include 20 assets; consisting of 17
narrowbody aircraft (71.8% by value) and three widebody aircraft
(28.2% by value) on lease (or expected to be on lease to) to 14
lessees located in 12 jurisdictions.
To access rating and relevant documents, click here.
Click here to view the report.
Related Publication
- AASET 2024-1 Trust New Issue Report
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: 1004893
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Analytical Contacts
Michael Lepri, Senior Director (Lead Analyst) +1 646-731-3389
michael.lepri@kbra.com
Yash Talathi, Analyst +1 646-731-1214 yash.talathi@kbra.com
Alan Greenblatt, Managing Director +1 646-731-2496
alan.greenblatt@kbra.com
Preston Boutwell, Associate +1 646-731-2367
preston.boutwell@kbra.com
Eric Neglia, Head of Commercial and Consumer ABS (Rating
Committee Chair) +1 646-731-2456 eric.neglia@kbra.com
Business Development Contact
Arielle Smelkinson, Senior Director +1 646-731-2369
arielle.smelkinson@kbra.com