Moody’s upgrades FLY Leasing

Moody's Investors Service said it upgraded FLY Leasing Ltd.’s corporate family rating to Ba3 from B1, senior unsecured debt rating to B1 from B2 and the secured debt rating of FLY Funding II Sarl to Ba2 from Ba3.

The agency also revised the outlook to stable from positive.

Moody's said the upgrade reflects improvement in the company's aircraft fleet risks from selling older, out-of-production aircraft and redeploying capital toward the acquisition of newer models on long-term lease.

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