KBRA Assigns Preliminary Ratings to KDAC Aviation Finance (Cayman) Limited, Series 2020-1

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

This transaction is the third sponsored portfolio securitization serviced by DVB. DVB is headquartered in London, England with offices located in the United States, Ireland, Amsterdam, Singapore and Taiwan. Proceeds from the sale of the Notes will be used to refinance the KDAC 2017-1 transaction, including 34 aircraft assets (the “Portfolio”) on lease to 28 lessees located in 24 countries. As of December 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 13.8 years, with a weighted average remaining lease term of approximately 2.8 years. The Portfolio consists of 66.2% narrowbody aircraft and 33.8% widebody aircraft (by value). The Portfolio has an initial value of approximately $754.3 million, based on the average of the half-life base values provided by three appraisers as of October 31, 2019 and adjusted for maintenance conditions as determined by Alton Aviation Consultancy (“Alton”) as of December 31, 2019.

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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.

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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

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

Chris Baffa, Associate Director, ABS
New York
+1 (646) 731-3312
cbaffa@kbra.com

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

Lenny Giltman, Senior Managing Director, ABS (Rating Committee Chair)
New York
+1 (646) 731-2337
lgiltman@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

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

Chris Baffa, Associate Director, ABS
New York
+1 (646) 731-3312
cbaffa@kbra.com

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

Lenny Giltman, Senior Managing Director, ABS (Rating Committee Chair)
New York
+1 (646) 731-2337
lgiltman@kbra.com

Business Development Contact:

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