Fitch rates Air Lease BBB

Fitch Ratings said it assigned a BBB long-term issuer default rating to Air Lease Corp., along with a BBB+ senior secured debt rating and a BBB senior unsecured debt rating.

The outlook is stable.

The ratings reflect Air Lease's high quality commercial aircraft portfolio, above average scale, strong funding profile with a meaningful portion of unsecured debt, strong and stable profitability and demonstrated management track record, Fitch said.

The ratings are constrained by funding and placement risks associated with the company's outsized order book, less formal credit risk underwriting framework relative to peers, elevated key-man risk, above-average lessee exposure to China and above-average wide-body exposure, the agency said.

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