S&P rates Aircastle notes BB+

Standard & Poor's said it assigned its BB+ issue-level rating to Aircastle Ltd.'s $300 million senior unsecured notes. The recovery rating is 3, indicating an expectation that lenders would receive meaningful (50%-70%) recovery of principal in the event of a payment default.

S&P said the rating on Aircastle reflects its position as a midsize provider of aircraft operating leases and its diversified fleet, as measured by aircraft types and location of lessees. The limiting credit considerations comprise the company's exposure to cyclical demand for aircraft, the fluctuations in lease rates and aircraft values, and some airline customers' weak credit quality.

The outlook is stable.

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