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Moody’s alters Castlelake view to stable
Moody’s Investors Service said it changed its outlook for Castlelake Aviation Finance DAC and its unit Castlelake Aviation One DAC to stable from positive.
“Castlelake Aviation and Castlelake Aviation One DAC's outlooks were changed to stable from positive based on Moody's expectation that they will continue to rely on secured forms of financing to purchase assets in the next twelve months. Castlelake Aviation's secured debt/assets ratio remains high at approximately 53% at March 31, 2022 and will continue to do so as the company pursues cost-efficient funding. The company has availability ($251 million outstanding at March 31, 2022) on its $750 million secured revolving facilities and can rely on other forms of secured debt to finance the purchase of aircraft,” Moody’s said in a press release.
Concurrently, the agency affirmed Castlelake Aviation Finance’s B2 bond rating and the Ba3 backed term loan rating of Castlelake Aviation One DAC.
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