S&P rates Avolon notes BBB-

S&P said it assigned its BBB- issue-level rating to Avolon Holdings Funding Ltd.’s senior unsecured notes due 2025 and 2027. The company’s parent, Avolon Holdings Ltd., and various of its subsidiaries will guarantee the notes.

“Our issue-level rating on the notes is the same level as our issuer credit rating on Avolon Holdings Ltd. because its level of secured debt relative to consolidated total debt (about 40%-45%) is not sufficiently high to suggest that there are significant elements of subordination risk in its capital structure,” said S&P in a press release.

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