Fitch affirms Avolon

Fitch Ratings said it affirmed the long-term issuer default rating for Avolon Holdings Ltd. at BB.

The agency also affirmed the long-term issuer default ratings and senior unsecured debt ratings of subsidiaries Avolon Holdings Funding Ltd. and Park Aerospace Holdings Ltd. at BB.

The outlook is stable.

“Avolon's credit strengths include its high quality commercial aircraft portfolio; scale and franchise strength as one of the world's largest aircraft leasing companies; strong profitability; robust risk controls; and strong management track record,” Fitch said in a news release.

“The ratings are constrained by Avolon's predominantly secured funding profile; elevated leverage; aggressive growth via its order book and stated acquisition appetite; and qualitative considerations surrounding Avolon's ownership structure.”

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