S&P gives Air Lease notes BBB

S&P said it assigned a BBB issue-level rating to Air Lease Corp.'s proposed senior unsecured notes due 2023 and 2027.

The company said it will use the proceeds for general corporate purposes, including to purchase aircraft and repay some of its debt.

Air Lease's capital structure consists primarily of senior unsecured debt and a modest amount of secured debt, all of which was issued at the parent level.

“We rate the company's unsecured debt BBB, the same as our corporate credit rating, because no significant elements of subordination risk are present in its capital structure,” the agency said in a news release.

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