Fitch assigns BBB to Air Lease sukuk

Fitch Ratings said it assigned Air Lease Corp.'s upcoming benchmark senior unsecured sukuk issuance, to be issued through Air Lease Corp. Sukuk Ltd. an expected issue rating of BBB. The issuance size, coupon and maturity date will be determined at the time of the issuance.

“The expected rating is in line with Air Lease's long-term issuer default rating (IDR) and senior unsecured debt rating of BBB,” the agency said in a press release.

Air Lease's ratings are unaffected by this rating action. “This is principally because Fitch expects the proceeds of the planned issue to be used to refinance upcoming debt maturities and hence to be broadly leverage neutral,” the agency said.

The outlook is stable.

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