Moody's changes AerCap view to positive

Moody's Investors Service said it revised the outlook of AerCap Holdings NV and its supported subsidiaries to positive from stable and affirmed the company’s corporate family rating at Ba2, AerCap Ireland Capital Ltd.’s backed senior debt at Ba2, Delos Finance SARL’s and Flying Fortress Inc.’s backed senior secured credit facilities at Ba1, International Lease Finance E-Capital Trust I’s and International Lease Finance E-Capital Trust II’s backed preferred stock at B1(hyb) and International Lease Finance Corp.’s senior secured debt at Ba1, senior unsecured debt at Ba2 and preferred stock at B1(hyb).

The agency said the outlook change recognizes AerCap's progress integrating the operations of International Lease Finance and reducing leverage toward target levels sooner than anticipated.

Constraints on AerCap's ratings include performance risks stemming from its ongoing integration of International Lease Finance, significant speculative aircraft purchase commitments and reliance on market funding, Moody’s noted.

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