Moody's affirms ILFC

Moody's Investors Service said it affirmed the A1 long-term and prime-1 short-term ratings of International Lease Finance Corp. following the downgrade of the long-term ratings of ILFC's ultimate parent American International Group to Aa1 from Aaa. The outlook for ILFC continues to be stable.

Moody's said its ratings consider ILFC's leading position in aircraft leasing, the high quality of its recent vintage aircraft portfolio, its strong management and its well-established relationships with customers and aircraft manufacturers.

Operating difficulties in the airline sector have pressured ILFC's lease margins the past few years, according to Moody's. Though the industry has recently shown signs of improvement, it may take ILFC several periods to return to historical levels of profitability.

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