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Fitch affirms Intrepid Aviation
Fitch Ratings said it affirmed Intrepid Aviation Group Holdings, LLC's long-term issuer default rating at BB- and senior unsecured notes rating at B+.
The outlook is stable.
“The affirmation reflects Intrepid's solid cash flows, as evidenced by strong contractual lease revenue, well-defined business model of owning and leasing predominantly young, widebody aircraft and access to multiple sources of capital,” the agency said in a news release.
“Rating constraints include Intrepid's secured funding profile, relatively short track record, smaller and less liquid fleet when compared with other aircraft lessors focused on more broadly utilized/traded narrowbody aircraft and private equity ownership, which results in elevated balance sheet leverage and weaker corporate governance when compared to public peers.”
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