Fitch rates FTAI Aviation BB-

Fitch Ratings said it assigned FTAI Aviation Ltd. a BB- long-term issuer default rating with a stable outlook.

The agency also affirmed the preferred share debt rating of FTAI Aviation at B/RR6 and the existing senior unsecured debt rating of Fortress Transportation and Infrastructure LLC (FTAI LLC) at BB-. Fitch removed the ratings from rating watch negative and assigned a final BB- rating to FTAI LLC's $700 million of 7% senior unsecured debt due in 2031.

“Fitch has also corrected an error whereby the senior unsecured debt was associated with FTAI Aviation as the issuing entity instead of FTAI LLC, following a corporate reorganization in November 2022. As a result, Fitch has withdrawn FTAI LLC's long-term IDR of BB-/RWN as the rating was published in error. This error correction will not impact FTAI Aviation's long-term IDR or the rating assigned to FTAI Aviation's preferred share debt,” the agency said in a statement.

The agency added, “The affirmation of FTAI Aviation's ratings and removal of the RWN reflects the stronger operating performance and increasing contribution from the capital-light aerospace products business (27% of 2023 adjusted EBITDA), which provides enhanced business model diversification and mitigates the slower-than-expected improvement in tangible equity.”

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