Moody's assigns B2 to Castlelake bonds

Moody's Investors Service said it assigned a B2 rating to the senior unsecured notes expected to be issued by Castlelake Aviation Finance DAC.

“The B2 rating assigned to Castlelake Aviation's proposed senior unsecured notes reflects the notes' junior position in the company's capital structure, with their being subordinated to a substantial amount of secured debt. This secured debt includes Castlelake Aviation's $750 million secured revolving facility due 2024 and Castlelake Aviation One DAC's $1.2 billion proposed senior secured term loan due 2026,” Moody’s said in a press release.

Castlelake Aviation One DAC’s Ba3-rated planned term loan was not affected by the rating action, the agency said.

The outlook remains positive.

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