S&P rates Avolon loan BBB-

S&P said it assigned its BBB- issue-level rating to Avolon TLB Borrower 1 (US) LLC's amended $4.749 billion term loan B-3, which now matures in 2025.

The co-issuer is Avolon TLB Borrower 1 (Luxembourg) Sarl and the term loan is guaranteed by parent Avolon Holdings Ltd.

The agency also assigned a 2 recovery rating, indicating an expectation that lenders would receive substantial recovery (70%-90%; rounded estimate: 85%) of principal in the event of a payment default.

S&P said the BB+ corporate credit rating reflects the company’s position as the third-largest aircraft lessor and an assessment that it is an insulated subsidiary of Bohai Capital Holding Co. Ltd., whose controlling shareholder is HNA Group, as well as the bb+ stand-alone credit profile on Avolon.

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