Moody's rates Clover Aviation bonds Baa1

Moody's Investors Service said it assigned a Baa1 backed foreign-currency senior unsecured note rating to the planned $500 million of notes to be sold by CAFC Taurus Co. Ltd. The notes are backed by a guarantee from Clover Aviation Capital Co. Ltd., rated Baa3, and a keepwell deed from Mizuho Bank, Ltd. CAFC Taurus is an indirect wholly-owned subsidiary of Clover Aviation.

“The Baa1 backed senior unsecured note rating incorporates: 1) Clover Aviation's Baa3 issuer rating and 2) a two-notch additional uplift based on affiliate-backed level of support assumption from Mizuho Bank, in times of stress,” Moody’s said in a press release.

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