S&P rates AerCap notes BB+

Standard & Poor’s said it assigned a BB+ rating to AerCap Ireland Capital Ltd.’s and AerCap Global Aviation Trust’s senior unsecured notes with a recovery rating of 3, indicating 50% to 70% expected default recovery.

The proceeds will be used for general corporate purposes, including debt repayment.

The companies are both wholly owned subsidiaries of and guaranteed by AerCap Holdings NV, S&P said.

The ratings reflect the group’s position as one of the two largest aircraft lessors, the agency said, and its increased debt leverage after the May 14 acquisition of competitor International Lease Finance Corp.

The outlook is stable, reflecting expectations that AerCap’s credit metrics will continue to improve gradually due to increased earnings and cash flow, S&P said.

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