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S&P rates ILFC notes BB+
Standard & Poor's said it assigned a BB+ rating to International Lease Finance Corp.'s (BBB-/negative) proposed issuance of $500 million senior notes due 2017.
ILFC also plans to increase the size of its previously announced secured note offering to $3.9 billion from $2.5 billion, the agency noted.
"We feel the larger issuance will not affect our BBB- rating on the proposed secured notes, as the portfolio of aircraft securing the notes will have similar characteristics to that originally evaluated," S&P analyst Christopher DeNicolo said in a statement.
"The company plans to use the proceeds from the issues to repay a portion of the $3.9 billion secured loan due 2013 from an affiliate of its parent, American International Group Inc. (A-/Negative/A-1), which was funded with drawings from AIG's facilities with the Federal Reserve Bank of New York," he continued.
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