S&P rates Aircastle notes BB+

Standard & Poor's said it assigned its BB+ issue rating to Aircastle Ltd.'s $400 million senior notes due 2019. The recovery rating on this issue is 3, indicating an expectation that lenders would receive a meaningful recovery of principal in the event of a payment default.

The agency said the ratings on Aircastle reflect its position as a midsize provider of aircraft operating leases and its diversified fleet, as measured by aircraft types and location of lessees.

S&P said it expects Aircastle's financial profile to remain relatively consistent through 2013, with improving lease rates and fleet additions resulting in higher earnings and cash flow.

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