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Moody's gives ILFC loan Ba2
Moody's Investors Service sad it assigned a Ba2 rating to the $1 billion seven-year secured term loan being issued by Delos Finance Sarl, an indirect subsidiary of International Lease Finance Corp. (ILFC).
ILFC's other ratings, including its Ba3 corporate family and senior unsecured ratings, are not affected by the transaction.
The outlook remains negative.
The new secured loan will be guaranteed on a senior unsecured basis by ILFC and on a senior secured basis by Delos' immediate parent and grandparent, both ILFC special purpose subsidiary holding companies, and by two affiliates that are also subsidiaries of Delos' immediate parent.
Moody's said the Ba2 rating assigned to the loan is one notch above ILFC's Ba3 corporate family rating, based upon loan terms that meaningfully lower secured creditors' risk of loss compared to holders of ILFC's unsecured obligations. Loan security will be comprised of a perfected first priority lien in the stock or equity interest of Delos' parent, the two affiliate guarantors, and the SPEs that own the aircraft and related assets, the agency said.
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