S&P rates AWAS Aviation notes BBB-

Standard & Poor's said it assigned a BBB- rating to AWAS Aviation Capital Ltd.'s $600 million senior secured notes due 2016 with a recovery rating of 1.

The corporate credit rating is BB.

The outlook is stable.

Proceeds will be used to repay debt secured by 56 aircraft, to finance the purchase of four new aircraft to be delivered between January and April 2011 and for general corporate purposes.

Ratings reflect the company's position as a large provider of aircraft operating leases and its diversified fleet and airline customer base, S&P noted.

Limiting credit considerations include exposure to cyclical demand and lease rates for aircraft, a weaker financial profile than some of its competitors and a substantial percentage of encumbered assets, the agency said.

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