Fitch rates Aviation Capital notes BBB-

Fitch Ratings said it expects to assign a BBB- rating to Aviation Capital Group Corp.'s planned $350 million 3 7/8% senior unsecured note issuance due 2016.

The proceeds are expected to be used for general corporate purposes.

The proposed note issuance does not affect Aviation Capital's long-term issuer default rating of BBB- as leverage does not change materially, Fitch said.

The pro forma balance sheet leverage, as measured by total debt-to-equity ,is expected to remain within the 4.0x to 5.0x range based on June 30 financial information, the agency said.

The company's credit profile has benefitted from its direct ownership and demonstrated financial support by Pacific Life Insurance Co. and its parent company, Pacific LifeCorp, as reflected by the one-notch uplift from Aviation Capital's standalone credit profile of BB+, Fitch said.

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