Moody's ups AerCap & ILFC, rates AeCcap notes Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating to AerCap Holdings NV and a Ba2 rating to the $2.6 billion senior unsecured notes to be jointly issued by subsidiaries AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust.

In addition, the agency upgraded the corporate family and senior unsecured ratings of International Lease Finance Corp. (ILFC) to Ba2 from Ba3, the senior secured ratings of ILFC, Flying Fortress Inc. and Delos Finance Sarl to Ba1 from Ba2 and the preferred stock ratings of ILFC, ILFC E-Capital Trust I and ILFC E-Capital Trust II to B1(hyb) from B2(hyb).

The outlooks are stable.

Moody's said the rating reflect AerCap's pending acquisition of ILFC from American International Group for $3 billion of cash and 97.6 million AerCap common shares, for a total estimated transaction value of $6.9 billion based on AerCap's closing share price on April 21.

Proceeds from the new notes will partially fund the cash consideration.

The ratings and outlook of AIG are unaffected by the AerCap and ILFC actions.

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