Air Lease : KBRA Publishes Surveillance Report for Air Lease Corporation

Kroll Bond Rating Agency (KBRA) publishes the surveillance report for Air Lease Corporation following the rating affirmation on December 13, 2019.

On December 13, 2019, KBRA affirmed the A- issuer rating and A- senior unsecured debt rating of Air Lease Corporation (Air Lease or the Company). The Outlook on the ratings is Stable.

The ratings of Air Lease are driven by a highly experienced management team with decades of solid track records and the Company's solid performance history since inception with no impairment or credit losses. The ratings are supported by strong financial fundamentals, as reflected by a low leverage strategy, strong profitability, liquidity and cash-flow metrics, and largely unencumbered asset base. The ratings also take into account Air Lease's global franchise, a young and in-demand fleet, a wide and diverse customer base, a solid order book and substantial forward lease placement of orders as well as a stable outlook of the global aircraft leasing industry. These strengths are balanced by the disciplined funding and placement planning required to manage the significant order book, an element of key-man risk despite good succession planning, the cyclical nature of the industry, potential credit quality issues in the airline industry as a whole, and event risks related to air travel in general.

The ratings are based on KBRA's Global Finance Company Rating Methodology published on November 28, 2017.

To access the surveillance report, click here.

Analytical Contacts:

Danise Chui, Senior Director

[phone]

[e-mail]

Marjan Riggi, Senior Managing Director

[phone]

[e-mail]

Business Development Contact:

Nish Kumar, Senior Director

[phone]

[e-mail]

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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.

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