Moody's assigns Bbird 2021 ratings

Moody's Investors Service said it assigned provisional A1(sf) ratings to the series A and Baa1 (sf) to the series B notes to be issued by Blackbird Capital II Aircraft Lease Ltd. and Blackbird Capital II Aircraft Lease US LLC.

The assets backing the notes will consist primarily of a portfolio of aircraft and their related initial and future leases. The cash flows from the initial and subsequent leases and proceeds from aircraft dispositions (aircraft sales and part out) will be the primary source of payment on the notes.

The initial assets will consist of one off-lease aircraft, two aircraft in-production with the manufacturer and 15 aircraft subject to initial leases to 12 lessees domiciled in 11 countries. Air Lease Corp. and ALC Aircraft Ltd. will be the servicers of the underlying assets.

The issuers will use the proceeds to acquire the initial aircraft, the initial aircraft owning subsidiaries or the right to purchase aircrafti during the 12-month purchase period.

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