Fitch rates Macquarie AirFinance notes BB

Fitch Ratings said it assigned BB long-term issuer default ratings to Macquarie AirFinance Holdings Ltd. (MAHL) and its rated subsidiaries, Macquarie Aircraft Leasing Inc. (MAL) and Macquarie Aerospace Finance UK Ltd. (MAFU). The outlook is stable.

Fitch also assigned MAFU and Macquarie Aerospace Holdings Inc.'s senior secured debt ratings of BB+ and MAHL and MAL's existing senior unsecured debt ratings of BB.

Fitch has assigned an expected BB rating to MAHL's proposed issuance of $500 million five-year senior unsecured debt.

“MAHL's ratings reflect its moderate position as a global lessor of commercial aircraft, appropriate current and targeted leverage, absence of material orderbook purchase commitments, long-term equity investments from Macquarie Group (50%), PGGM Infrastructure Fund (25%), and Australian Retirement Trust (25%), lack of near-term debt maturities, and solid liquidity metrics,” Fitch said in a news release.

Rating constraints include near-term integration risks associated with the portfolio acquisition from Alafco Aviation Lease and Finance Co. K.S.C.P. and longer-term execution risks associated with the company’s financing objectives, the agency added.

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