KBRA Assigns Preliminary Rating to Three Classes of Notes for AASET 2021-1 Trust

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes for AASET 2021-1 Trust, an aviation ABS transaction. AASET 2021-1 is sponsored and serviced by Carlyle Aviation Management Limited.

Proceeds from the Notes will be used to acquire a portfolio of 34 aircraft (the “Portfolio”) on lease to 23 lessees located in 15 jurisdictions. As of September 1, 2021, the weighted average age of the Portfolio is approximately 10.9 years and the weighted average remaining term of the initial lease contracts is approximately 5.3 years. The Portfolio has an initial value of approximately $992.2 million, based on the average of the half-life base values provided by three third-party appraisers as of July 2021, which were adjusted for maintenance conditions as of July 2021.

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Related Publications

• Aviation ABS Global Rating Methodology
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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.