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Fitch sees rating Castlelake notes BB
Fitch Ratings said it plans to assign an expected BB rating to Castlelake Aviation Finance DAC's upcoming offering of $420 million of senior unsecured notes.
“The expected senior unsecured debt rating is equalized with CAF's expected long-term issuer default rating, reflecting expectations for average recovery prospects in a stressed scenario given the availability of unencumbered assets. CAF's expected long-term IDR is equalized with that of parent, Castlelake Aviation Ltd.(CA), given it is a wholly owned debt-issuing subsidiary,” Fitch said in a press release.
The proceeds will be used to fund the purchase and transfer of aircraft assets from funds and entities managed by Castlelake LP.
CA’s outlook is stable.
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