NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two series of notes (the “Notes”) issued by issued by Thunderbolt III Aircraft Lease Limited (“TBOLT III Cayman”) and Thunderbolt III Aircraft Lease US LLC (“TBOLT III USA”, and, together with TBOLT III Cayman, “TBOLT III”, or the “Issuers”).
This is the fourth term securitization of aircraft managed by Air Lease Corporation (“ALC” or the “Company”). ALC and ALC Aircraft Limited (together, the “Servicers”) will act as servicers for TBOLT III. ALC is headquartered in Los Angeles, California, with regional offices in Dublin, Ireland and Hong Kong.
Proceeds from the sale of the Notes will be used, together with the equity proceeds, to acquire 19 aircraft (the “Portfolio”) on lease to 18 lessees located in 15 countries. As of August 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 9.7 years with a weighted average remaining lease term of approximately 3.8 years.
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
- Thunderbolt III Aircraft Lease Limited Pre-Sale Report
- Global Aviation ABS Rating Methodology
- Global Structured Finance Counterparty Methodology
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Alan Greenblatt, Senior Director, ABS
Danise Chui, Senior Director, Financial Institutions
Sandy Azer, Associate Director, ABS
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