S&P gives BBB to Air Lease notes

S&P 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 to purchase aircraft and repay its outstanding debt.

S&P said its corporate credit rating on Air Lease reflects the company's position as a midtier – 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 added.

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