S&P rates AerCap notes BB

S&P said it assigned a BB rating to AerCap Global Aviation Trust's $500 million 6½% fixed- to floating-rate junior subordinated notes due 2045.

AerCap Global is a wholly owned subsidiary of AerCap Holdings NV, which guarantees its debt.

The ratings reflect AerCap’s position as one of the two largest aircraft lessors and the company's improved credit metrics following its May 14 acquisition of International Lease Finance Corp., S&P said.

The company has a satisfactory business risk profile and significant financial risk profile, the agency said.

The stable outlook reflects an expectation that AerCap's credit metrics will remain relatively consistent through 2017 as increased earnings and cash flow offset the incremental debt it will take on to fund its new aircraft deliveries, S&P said.

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