DUBLIN–(BUSINESS WIRE)–Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by Silver Aircraft Lease Investment Limited (“Silver Ireland”) and Silver Aircraft Leasing LLC (“Silver USA”, and, together with Silver Ireland, the “Issuers”).
The Silver transaction represents the second sponsored securitization for BOC Aviation Limited (“BOCA”) and the first rated by KBRA. BOC Aviation (Ireland) Limited (the “Servicer”) will act as servicer for the transaction and is an affiliate of BOCA, which has offices in Singapore, Dublin, London, New York and Tianjin.
Proceeds from the sale of the Notes will be used to acquire 17 aircraft (the “Portfolio”) on lease to 14 lessees located in 9 countries. As of April 30, 2019, the initial weighted average aircraft age of the Portfolio is approximately 6.0 years with a weighted average remaining lease term of approximately 5.4 years.
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Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
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Related Publications: (available at www.kbra.com)
- Global Aviation ABS Rating Methodology
- Global Structured Finance Counterparty Methodology
- Silver Aircraft Lease Investment Limited Pre-Sale Report
About KBRA and KBRA Europe
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.
Gopal Narsimhamurthy, Director, Structured Finance (Lead Analyst)
+353 (1) 588 1245
Alan Greenblatt, Senior Director, ABS
+1 (646) 731-2496
Michael Lepri, Associate Director, ABS
+1 (646) 731-3389
Zara Shirazi, Director, ABS
+1 (646) 731-3326
Danise Chui, Senior Director, Financial Institutions
+1 (646) 731-2406
Lenny Giltman, Senior Managing Director, ABS (Rating Committee Chair)
+1 (646) 731-2378