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Fitch rates Setanta Aircraft loan BBB-
Fitch Ratings said it assigned a BBB- rating to the $2 billion senior secured term loan issued by Setanta Aircraft Leasing DAC, an indirect, wholly-owned subsidiary of AerCap Holdings NV.
“Setanta's senior secured term loan rating is equalized with AerCap's BBB- long-term issuer default rating. The term loan is secured by a first-priority lien on Setanta's equity interests, and its subsidiaries that directly or indirectly own a portfolio of aircraft, related equipment, and a cash collateral account. The term loan is jointly and severally guaranteed by AerCap, AerCap Ireland Ltd., and related affiliates.
The proceeds will be used to partially finance AerCap's acquisition of GE Capital Aviation Services.
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