Kroll Bond Rating Agency Assigns Preliminary Ratings to Harbour Aircraft Investments Limited, Series 2016

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of loans (the “Loans”) issued by Harbour Aircraft Investments Limited, Series 2016.

Proceeds from the sale of the Loans will be used to purchase a fleet of 19 narrowbody aircraft. The aircraft are initially leased to 15 airlines located in 14 countries with an initial total value of approximately $387.1 million.

This transaction represents the inaugural securitization for Aergen Aviation Finance Limited (“Aergen”, the “Servicer” or the “Company”). Aergen, founded in 2014, is an aircraft leasing company focused on providing leasing and asset management solutions for owners and operators of mid-life and end-of-life aircraft and engines. The current transaction’s portfolio represents 100% of Aergen’s managed fleet as of the closing date.

The transaction benefits from sufficient credit enhancement and liquidity, as well as a dynamic structure that accelerates principal payments on the Loans in the event of weak performance.

KBRA analyzed the transaction using the Aviation ABS Methodology published on May 15, 2015.

For complete details on the analysis, please see KBRA’s Presale Report, Harbour Aircraft Investments Limited, Series 2016, which was published today at www.kbra.com.

The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

                 
Class       Rating       Aggregate Loan Amount
Series A Loans       A(sf)       $246,700,000
Series B Loans       BBB(sf)       $47,000,000
Series C Loans       B(sf)       $31,000,000
           

Related Publications: (available at www.kbra.com)

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Contacts

Kroll Bond Rating Agency
Analytical:
Alan Greenblatt, 646-731-2496
Associate Director
agreenblatt@kbra.com
or
Patrick McShane, 646-731-2376
Senior Director
pmcshane@kbra.com
or
Caitlin Colvin, 646-731-2465
Director
ccolvin@kbra.com
or
Andrew Kabala, CFA, 646-731-2447
Director
akabala@kbra.com
or
Follow us on Twitter!
@KrollBondRating

Contacts

Kroll Bond Rating Agency
Analytical:
Alan Greenblatt, 646-731-2496
Associate Director
agreenblatt@kbra.com
or
Patrick McShane, 646-731-2376
Senior Director
pmcshane@kbra.com
or
Caitlin Colvin, 646-731-2465
Director
ccolvin@kbra.com
or
Andrew Kabala, CFA, 646-731-2447
Director
akabala@kbra.com
or
Follow us on Twitter!
@KrollBondRating