KBRA Assigns Preliminary Ratings to Horizon Aircraft Finance III Limited

DUBLIN--()--Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Horizon Aircraft Finance III Limited (“Horizon Cayman”) and Horizon Aircraft Finance III LLC (“Horizon USA”, and, together with Horizon Cayman, the “Issuers”).

This is the fourth term securitization of aircraft managed by BBAM Aviation Services Limited (“BBAM”) and the third rated by KBRA. BBAM and BBAM US LP (the “Servicers”) will act as servicers for the transaction, and have offices located in San Francisco, Dublin, New York, London, Tokyo, Singapore, Zurich, and Santiago.

Proceeds from the sale of the Notes will be used to acquire 18 aircraft (the “Portfolio”) on lease to 15 lessees located in 12 countries. As of September 30, 2019, the initial weighted average age of the Portfolio is approximately 8.4 years with a weighted average remaining lease term of approximately 5.1 years.

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Disclosures

Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

To access ratings, reports and disclosures, click here.

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

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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 Contacts:
Adam DeJong, Associate, Structured Finance (Lead Analyst)
Dublin
+353 (1) 588 1270
adejong@kbra.com

Alan Greenblatt, Senior Director, ABS
New York
+1 (646) 731-2496
agreenblatt@kbra.com

Michael Lepri, Associate Director, ABS
New York
+1 (646) 731-3389
mlepri@kbra.com

Zara Shirazi, Director, ABS
New York
+1 (646) 731-3326
zshirazi@kbra.com

Danise Chui, Senior Director, Financial Institutions
New York
+1 (646) 731-2406
dchui@kbra.com

Cecil Smart, Managing Director, ABS (Rating Committee Chair)
New York
+1 (646) 731-2381
csmart@kbra.com

Business Development Contact:
Ted Burbage, Managing Director
+1 (646) 731-3325
tburbage@kbra.com

Contacts

Analytical Contacts:
Adam DeJong, Associate, Structured Finance (Lead Analyst)
Dublin
+353 (1) 588 1270
adejong@kbra.com

Alan Greenblatt, Senior Director, ABS
New York
+1 (646) 731-2496
agreenblatt@kbra.com

Michael Lepri, Associate Director, ABS
New York
+1 (646) 731-3389
mlepri@kbra.com

Zara Shirazi, Director, ABS
New York
+1 (646) 731-3326
zshirazi@kbra.com

Danise Chui, Senior Director, Financial Institutions
New York
+1 (646) 731-2406
dchui@kbra.com

Cecil Smart, Managing Director, ABS (Rating Committee Chair)
New York
+1 (646) 731-2381
csmart@kbra.com

Business Development Contact:
Ted Burbage, Managing Director
+1 (646) 731-3325
tburbage@kbra.com