NEW YORK--(BUSINESS WIRE)--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.
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.
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Information on the meaning of each rating category can be located here.
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