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Fitch assigns International Lease loan BB
Fitch Ratings said it assigned a BB rating to the $900 million secured term loan facility issued by Flying Fortress, Inc., a wholly owned, indirect subsidiary of International Lease Finance Corp.
According to Fitch, the debt is secured via a pledge of stock of Flying Fortress and related subsidiaries and is guaranteed by International Lease Finance.
The rating on the new facility is not notched above International Lease Finance's issuer default rating due to the lack of a perfected first priority claim on aircraft provided to support repayment of the term loan, the agency said.
Furthermore, Fitch said there is a risk of substantive consolidation of Flying Fortress and related subsidiaries in the event of an International Lease Finance bankruptcy.
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