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KBRA Assigns Preliminary Ratings to Falcon 2019-1 Aerospace Limited

October 11, 2019

DUBLIN--(BUSINESS WIRE)--Oct 11, 2019--

Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Falcon 2019-1 Aerospace Limited (“Falcon Cayman”) and Falcon 2019-1 Aerospace USA LLC (“Falcon 2019-1 USA”, and, together with Falcon Cayman, “Falcon 2019-1”, or the “Issuers”). This is the fourth term securitization of aircraft managed by Dubai Aerospace Enterprise (DAE) Ltd. (“DAE”, the “Company” or “Servicer”) who will act as servicer for Falcon 2019-1.

Proceeds from the sale of the Notes will be used, together with the equity proceeds, to acquire 23 aircraft (the “Portfolio”) on lease to 17 lessees located in 14 countries. As of August 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 10.4 years with a weighted average remaining lease term of approximately 4.5 years. The Portfolio consists of 20 narrowbody aircraft (65.5% by value) and 3 widebody aircraft (34.5% by value). As of August 31, 2019, the Portfolio has an initial value of approximately $612.3 million, based on the average of the half-life base values provided by three appraisers as of June 2019 which includes an adjustment by Alton Aviation Consultancy LLC (“Alton”) to reflect maintenance conditions as of August 2019.

To access the full report, click here.

Disclosures

Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com )

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About KBRA and KBRA Europe

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191011005430/en/

CONTACT: Analytical:

Adam DeJong, Associate, Structured Finance (Lead Analyst)

Dublin

+353 1 588 1270

adejong@kbra.com

Alan Greenblatt, Senior Director, ABS

New York

+1 (646) 731-2496

agreenblatt@kbra.com

Zara Shirazi, Director, ABS

New York

+1 (646) 731-3326

zshirazi@kbra.com

Chris Baffa, Associate Director, ABS

New York

+1 (646) 731-3312

cbaffa@kbra.com

Michael Dodge, Director, Financial Institutions

New York

+1 (646) 731-3349

mdodge@kbra.com

Rosemary Kelley, Senior Managing Director, ABS (Rating Committee Chair)

New York

+1 (646) 731-2337

rkelley@kbra.com

Business Development:

Ted Burbage, Managing Director,

+1 (646) 731-3325

tburbage@kbra.com

KEYWORD: IRELAND EUROPE

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: Kroll Bond Rating Agency Europe Limited

Copyright Business Wire 2019.

PUB: 10/11/2019 12:15 PM/DISC: 10/11/2019 12:16 PM

http://www.businesswire.com/news/home/20191011005430/en