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Fitch to rate AerCap notes BBB-
Fitch Ratings said it expects to assign a BBB- rating to AerCap Aviation Solutions BV's proposed $300 million senior notes due 2017. The issuer is a wholly owned subsidiary of AerCap Holdings NV, which carries a BBB- long-term issuer default rating.
In Fitch's view, the limited amount of unsecured debt in AerCap Holdings' capital structure creates increased risks for the company's unsecured creditors. In a bankruptcy situation, the company's unsecured debtholders would rely primarily on the residuals of its encumbered aircraft after secured creditors are repaid. Nevertheless, the agency said it expects the rating assigned to be equal with the issuer default rating in light of AerCap Holdings' moderate leverage and attractive fleet.
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