Fitch upgrades Aircastle

Fitch Ratings said it upgraded the long-term issuer default rating and senior unsecured debt rating of Aircastle Ltd. to BBB from BBB-. The ratings have been removed from rating watch positive, which were previously placed on Nov. 25. The outlook is stable.

Fitch said the rating actions follow the announcement that all of Aircastle's outstanding shares were purchased by Marubeni Corp. and Mizuho Leasing Co., Ltd. on March 27.

Marubeni increased its existing 29% stake in Aircastle to 50%, while a recently formed joint venture between Marubeni and Mizuho Leasing acquired the remaining 50% of outstanding shares.

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