Fitch rates Panamera loans BB-

Fitch Ratings said it assigned a BB- rating to senior secured term loans issued by Panamera Aviation Leasing XI Ltd. (Panamera), a variable interest entity controlled and guaranteed by Voyager Aviation Holdings, LLC (BB-/stable).

Fitch withdrew the BB- ratings of the senior secured debt issued by Panamera Aviation Leasing VI Ltd. and Panamera Aviation Leasing VII Ltd. as it was repaid early.

“Panamera's senior secured debt rating is equalized with Voyager's long-term issuer default rating given its secured funding profile,” the agency said in a news release.

“It also reflects average recovery prospects for the debtholders under a stress scenario.”

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