KBRA Assigns Preliminary Rating to Business Jet Securities 2019-1, LLC, Secured Notes, Series 2019-1

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one note class of Business Jet Securities 2019-1, LLC, Secured Notes, Series 2019-1. The Notes are newly issued asset-backed securities secured by payments due under the lease of, and loans secured by, business jet aircraft and the economic ownership of each business aircraft and helicopter subject to an operating lease and terms of the fixed rate notes as of June 4, 2019.

As of March 31, 2019, the aggregate asset value is approximately $623 million. The portfolio is comprised of 35 assets to 27 obligors. The average asset value is approximately $17.8 million and the weighted average remaining term is approximately 89 months with further detail regarding contract terminations provided below. Approximately 55.2% of the portfolio is initially on operating leases, while 12.6% are loans and 32.2% are finance leases.

           
Notes       Rating       Initial Note Amount
Class A       A- (sf)       $417,400,000
Class B       NR       $62,300,000
Class C       NR       $37,400,000
 

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
Cecil Smart, Jr., Managing Director
(646) 731-2381
csmart@kbra.com

Usman Khan, Associate Director
(646) 731-2488
ukhan@kbra.com

Zara Shirazi, Director
(646) 731-3326
zshirazi@kbra.com

Shi Shen, CFA, Associate
(646) 731-2480
sshen@kbra.com

Contacts

Analytical:
Cecil Smart, Jr., Managing Director
(646) 731-2381
csmart@kbra.com

Usman Khan, Associate Director
(646) 731-2488
ukhan@kbra.com

Zara Shirazi, Director
(646) 731-3326
zshirazi@kbra.com

Shi Shen, CFA, Associate
(646) 731-2480
sshen@kbra.com