S&P rates Aviation Capital Group notes BBB-

Standard & Poor's said it assigned its BBB- rating to Aviation Capital Group Corp.'s S$150 million notes due 2015.

The agency said the rating is one notch below the BBB corporate credit rating because of the large percentage of secured debt in Aviation Capital's capital structure.

The ratings on Aviation Capital reflect its position as a major provider of aircraft operating leases and its ownership of new-technology aircraft with relatively stable asset values, the agency said. The ratings also incorporate potential support from parent Pacific Life Insurance Co.

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