KBRA Assigns Preliminary Ratings to Sapphire Aviation Finance II Limited and Sapphire Aviation Finance II LLC

DUBLIN--()--Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Sapphire Aviation Finance II Limited and Sapphire Finance II LLC (together, “SAPA 2020-1” or the “Issuers”).

Proceeds from the sale of the Notes will be used to acquire 21 aircraft (the “Portfolio”) on lease to 19 lessees located in 18 jurisdictions. As of December 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 7.5 years with a weighted average remaining lease term of approximately 6.4 years. The composition of the Portfolio consists of 18 narrowbody aircraft (68.3% by value) and three widebody aircraft (31.7% by value). The Portfolio has an initial value of approximately $746.8 million, based on the average of the half-life base values provided by three appraisers as of the third quarter of 2019 and adjusted for maintenance conditions as determined by Alton Aviation Consultancy LLC (“Alton”) as of January 2020.

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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
Dublin
+353 1 588 1270
adejong@kbra.com

Alan Greenblatt, Senior Director (Lead Analyst), ABS
New York
+1 (646) 731-2496
agreenblatt@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

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

Cecil Smart, Jr., Managing Director (Committee Chair), ABS
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
Dublin
+353 1 588 1270
adejong@kbra.com

Alan Greenblatt, Senior Director (Lead Analyst), ABS
New York
+1 (646) 731-2496
agreenblatt@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

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

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

Business Development Contact:

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