Moody's assigns Baa1 to Delos loan

Moody's Investors Service said it assigned a Baa1 rating to Delos Aircraft DAC's $600 million backed senior secured first-lien credit facility maturing in October 2027. Delos is an indirect subsidiary of AerCap Holdings NV. AerCap and certain companies with the group will guarantee the loan. Delos' outlook is stable.

“The Baa1 rating assigned to the Delos term loan is based on the loan's strong asset coverage, priority of claim on certain pledged aircraft, and loan provisions that reduce loss-given default, including a loan-to-value (LTV) covenant and asset eligibility requirements,” Moody’s said in a press release.

The new facility will partially refinance a $1.05 billion secured loan issued by Delos Finance Sarl, which matures in October, cover transaction expenses and be used for general corporate purposes.

Terms and provisions of the facility are like the outgoing facility, but with slightly weaker LTV and asset concentration limits, the agency noted.

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