KBRA Assigns Preliminary Ratings to APL Finance 2025-1

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Class A Notes, Class B Notes, Class C Notes, and Class D Notes issued by APL Finance 2023-1 Designated Activity Company and APL Finance 2023-1 LLC (together, APL Finance 2025-1), an aviation loan ABS transaction. APL Finance 2025-1 represents the second aviation loan ABS securitization serviced by Ashland Place Finance LLC (APL, the Company or the Servicer). The Company is owned by Davidson Kempner Capital Management LP (DKCM), and, together with DKCM, is comprised of over 500 individuals operating out of seven offices with headquarters in New York City. Affiliates of APL and DKCM will retain 100% of the equity of the subject transaction at closing.

Proceeds from the Notes will be used to acquire and refinance a portfolio of 11 loan facilities (the Facilities), each limited recourse, comprised of 26 loans (the Collateral Obligations, and together with the Facilities, the Portfolio). As of July 2025, the Portfolio had an initial aggregate loan balance of approximately $438.6 million, an average Collateral Obligation balance of $24.9 million, and a weighted average remaining loan term of approximately 4.9 years. The Portfolio has a weighted average seasoning of approximately 16 months.

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Methodologies

• ABS: Aviation ABS Global Rating Methodology
• ABS: General Global Rating Methodology for Asset Backed Securities
• Structured Finance: 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), one of the major credit rating agencies (CRA), is a full-service CRA 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. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011467