S&P rates Air Lease notes BBB-

Standard & Poor’s said it assigned its BBB- issue-level rating to Air Lease Corp.’s senior unsecured notes.

The company will use the proceeds from these notes for general corporate purposes, including aircraft purchases and debt repayment, the agency said.

S&P said its corporate credit rating on Air Lease reflects the company’s position as a mid-tier – albeit rapidly growing – provider of aircraft operating leases, its young and diverse aircraft fleet, and its relatively low debt leverage for an aircraft lessor.

The inherent cyclicality of the company’s demand and aircraft lease rates, along with its airline customers’ often weak credit quality, offset these positive factors, the agency said.

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