S&P rates Aircastle notes BBB-

S&P said it assigned its BBB- issue-level rating to Aircastle Ltd.'s proposed $500 million senior unsecured notes due 2023.

The company will use the proceeds from these notes for general corporate purposes, including to purchase aircraft or repay some of its debt.

“Our BBB- issuer credit rating on Aircastle reflects the company's position as a mid-tier provider of aircraft operating leases – though its aircraft fleet is somewhat smaller than those of most similarly rated aircraft lessors – and its relatively stable credit metrics,” S&P said in a news release.

“The inherent cyclicality of aircraft lease rates and the often weak credit quality of the company's airline customers partly offset these strengths.”

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