Fitch rates International Lease notes BB

Fitch Ratings said it expects to rate International Lease Finance Corp.'s planned issuance of $2 billion of unsecured senior notes BB. Maturity of the debt is evenly divided between 5½ and 7 years. Fitch also said it assigned a BBB- rating to the $750 million secured term loan that closed yesterday. The rating for the term loan is two notches above the company's issuer default rating of BB.

The ratings remain on Rating Watch negative.

Fitch noted that the company's recent plans to issue $1.3 billion of secured debt and $2 billion of unsecured debt are consistent with their overall financing plans to generate liquidity to repay near-term maturing debt obligations.

A primary rating concern is that AIG's willingness to extend support to the company may be more limited now and may not extend beyond its efforts to restructure and generate sufficient liquidity, the agency said.

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