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KBRA revises Avolon outlook to stable
KBRA said it changed the outlook to stable from negative and affirmed the BBB+ issuer rating and senior unsecured debt rating of Avolon Holdings Ltd. and the BBB+ ratings on the senior unsecured notes issued by Park Aerospace Holdings Ltd. and Avolon Holdings Funding Ltd.
“The change in outlook to stable reflects the significant recovery in passenger air travel in 2021, especially in various domestic markets, as well as Avolon’s stable capital and liquidity metrics through the severe pandemic-driven downturn, despite a greater decline in earnings metrics and higher impairments relative to higher-rated peers. “Avolon demonstrated robust access to capital markets, effectively managed lease deferrals and defaults, and successfully remarketed aircraft to reduce off-lease aircraft and limit impairments while maintaining stable leverage and liquidity levels,” KBRA said in a press release.
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