Fitch rates International Lease notes BB

Fitch Ratings said it expects to assign a rating of BB to International Lease Finance Corp.'s benchmark size senior unsecured notes issuance under its shelf registration with an expected maturity of 2022.

The new debt does not affect International Lease Finance's long-term issuer default rating of BB, $3.9 billion senior secured notes rating of BBB-, senior unsecured debt rating of BB and preferred stock rating of B.

Also unaffected are Delos Aircraft Inc.'s senior secured debt rating of BB, Flying Fortress Inc.'s senior secured debt rating of BB, ILFC E-Capital Trust I's preferred stock rating of B and ILFC E-Capital Trust II's preferred stock rating of B.

The outlook remains stable.

The notes are expected to rank equally in right of payment with existing senior unsecured debt, the agency said.

The ratings are constrained by the company's lack of profitability over the past two fiscal years, which has been caused by significant impairment charges on older aircraft, as well as the weighted average age of its fleet, Fitch said.

The company is a market leader in the leasing and remarketing of commercial jet aircraft to airlines around the world, the agency added.

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