KBRA Assigns Preliminary Ratings to Thrust Engine Leasing 2021 DAC

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes issued by Thrust Engine Leasing 2021 DAC and Thrust Engine Leasing 2021 Statutory Trust (“Thrust 2021 1”), an aviation engine ABS transaction.

Thrust 2021-1 is serviced by GE Capital Aviation Services Limited who has been the servicer for multiple historic aircraft and aircraft engine ABS transactions. Proceeds from the Notes will be used to acquire 24 aircraft engines from White Oak Commercial Aviation Holdco, LP, White Oak Commercial Aviation LP and White Oak Commercial Aviation II LP (collectively, “WOCA”) or its affiliates. WOCA, through certain affiliates, who will retain initially a portion of the Series C Notes and the full amount of equity. As of March 31, 2021, 21 of the 24 assets (91.6% by value) are on lease to General Electric Company, an affiliate of GECAS, two assets (4.8% by value) are on lease Asiana Airlines, Inc. based in South Korea and one asset (3.6% by value) is off-lease.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. 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.

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Analytical Contacts

Alan Greenblatt, Senior Director (Lead Analyst)
+1 (646) 731-2496
alan.greenblatt@kbra.com

Michael Lepri, Director
+1 (646) 731-3389
michael.lepri@kbra.com

Zara Shirazi, Senior Director
+1 (646) 731-3326
zara.shirazi@kbra.com

Preston Boutwell, Senior Analyst
+1 (646) 731-2367
preston.boutwell@kbra.com

Cecil Smart Jr., Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2381
cecil.smart@kbra.com

Business Development Contact

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

Contacts

Analytical Contacts

Alan Greenblatt, Senior Director (Lead Analyst)
+1 (646) 731-2496
alan.greenblatt@kbra.com

Michael Lepri, Director
+1 (646) 731-3389
michael.lepri@kbra.com

Zara Shirazi, Senior Director
+1 (646) 731-3326
zara.shirazi@kbra.com

Preston Boutwell, Senior Analyst
+1 (646) 731-2367
preston.boutwell@kbra.com

Cecil Smart Jr., Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2381
cecil.smart@kbra.com

Business Development Contact

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