Fitch rates Castlelake Aviation BB, loans BB+

Fitch Ratings said it assigned an expected issuer default rating of BB to Castlelake Aviation Ltd. and its wholly owned subsidiaries, Castlelake Aviation Finance DAC and Castlelake Aviation One DAC.

Fitch also assigned an expected rating of BB+ to the company’s announced senior secured term loan B and an expected rating of BB+ to its announced senior secured revolving credit facility.

The outlook is stable.

“CA's expected ratings are supported by its young fleet with one of the longest weighted average (WA) remaining lease terms amongst peers, adequate targeted leverage, the absence of order book purchase commitments, lack of near-term debt maturities and strong expected liquidity metrics,” the agency said in a news release.

“The ratings also consider the company's affiliation with Castlelake LP, which has an established position as a lessor of midlife and older commercial aircraft, management experience and a track record in underwriting, servicing and managing a sizable global aircraft portfolio.”

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