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KBRA Assigns Preliminary Ratings to Castlelake Aircraft Structured Trust 2017-1R

July 21, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Jul 21, 2021--

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to the Class A Notes, Class B Notes and Class C Notes issued by Castlelake Aircraft Structured Trust 2017-1R, a refinancing of an aviation ABS transaction. This transaction is serviced by Castlelake L.P. and Castlelake Aviation Holdings (Ireland) Limited.

Proceeds from the Notes will be used to acquire 33 aircraft (the “Portfolio”) on lease, or expected to be on lease, to 13 lessees located in 11 jurisdictions. As of July 31, 2021 (based on information available as of June 30, 2021), the weighted average age of the Portfolio is 16.4 years, and the weighted average lease term is approximately 3.8 years. The Portfolio has an initial value of approximately $519.4 million, based on the average of the half-life base values provided by three third-party appraisers as of December 2020 or January 2021, which were adjusted for maintenance conditions as of July 2021.

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Click here to view the report. To access ratings and relevant documents, click here.

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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 pursuant to the Temporary Registration Regime. 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210721005976/en/

CONTACT: Analytical ContactsMichael Lepri, Director (Lead Analyst)

+1 (646) 731-3389

michael.lepri@kbra.comAlan Greenblatt, Senior Director

+1 (646) 731-2496

alan.greenblatt@kbra.comPreston Boutwell, Senior Analyst

+1 (646) 731-2367

preston.boutwell@kbra.comRosemary Kelley, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2337

rosemary.kelley@kbra.comBusiness Development ContactTed Burbage, Managing Director

+1 (646) 731-3325

ted.burbage@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES AIR TRANSPORT AEROSPACE MANUFACTURING FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2021.

PUB: 07/21/2021 06:47 PM/DISC: 07/21/2021 06:47 PM

http://www.businesswire.com/news/home/20210721005976/en