Moody’s eyes Avolon for downgrade

Moody’s Investors Service said it is reviewing for downgrade the Baa3 backed long-term issuer rating of Avolon Holdings Ltd. and the Baa3 long-term senior unsecured ratings of subsidiary Avolon Holdings Funding Ltd. along with other ratings.

This action follows the Jan. 29 announcement of the bankruptcy reorganization filing of HNA Group, the controlling shareholder of Avolon’s 70% shareholder Bohai Leasing Co. Ltd. Moody’s is also reviewing for downgrade the B1 long-term senior unsecured rating of Global Aircraft Leasing Co., Ltd., which holds Bohai’s 70% interest in Avolon, the agency said.

Neither Avolon, Bohai nor GALC are involved in HNA’s bankruptcy filing.

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