S&P assigns BB+ to Macquarie notes

S&P said it assigned its BB+ issue-level and 3 recovery ratings to Macquarie AirFinance Holdings Ltd.'s planned $500 million of senior unsecured notes due 2029. The 3 recovery rating (50%-70%; rounded estimate: 65%) indicates meaningful recovery in default, based on the unencumbered assets and fleet equity value in the secured asset pool.

“The BB+ issue-level rating and 3 recovery rating on the company's senior unsecured notes due 2028 are unchanged,” the agency said in a press release.

The company plans to use the proceeds to partially pay down its secured debt facility due 2025, and its revolving credit facility due 2026.

The outlook is stable.

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