Fitch sees rating Aircastle preferreds BB+

Fitch Ratings said it assigned an expected BB+ rating to Aircastle Ltd.'s planned issuance of up to $400 million of fixed-rate reset perpetual cumulative preference shares.

“The expected rating is in accordance Fitch's 'Corporate Hybrids Treatment and Notching Criteria' dated Nov. 12, 2020, and reflects elevated loss severity, given the preference shares' deep subordination and heightened risk of non-performance relative to other obligations, namely unsecured debt,” the agency said in a press release.

The proceeds will be used for general corporate purposes.

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