S&P affirms AWAS Aviation

S&P said it affirmed its ratings on AWAS Aviation Capital Ltd., including the BB corporate credit rating, and removed them from CreditWatch, where they were placed with developing implications on April 25.

S&P also affirmed its BBB- issue-level rating on AWAS's secured debt, which will remain outstanding. The recovery rating on this debt remains 1, indicating an expectation that lenders would receive very high recovery (90%-100%, rounded estimate of 95%) of their principal in the event of a payment default.

The outlook is positive, reflecting the positive outlook on DAE.

“Our corporate credit rating on the combined entity is based on the pro forma combination of both entities. The combined entity will result in a larger, but still mid-tier, aircraft operating lessor,” S&P said in a news release.

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