Moody's upgrades Avolon

Moody's Investors Service said it upgraded the corporate family rating of Avolon Holdings Ltd. to Ba1 from Ba2 and the senior unsecured ratings of its subsidiaries, Avolon Holdings Funding Ltd. and Park Aerospace Holdings Ltd., to Ba2 from Ba3.

The outlook was revised to stable from ratings under review.

This follows news that Avolon's parent, Bohai Capital Holding Co., Ltd., has sold a 30% interest in Avolon to ORIX Corp. for $2.2 billion, Moody's said.

The upgrades conclude a review for upgrade that began in August, the agency said.

The ratings are based on the strengthening of the company's shareholder profile and reduction of governance risks, Moody's said.

The agency said it expects that ORIX will have a positive influence on Avolon's strategy and operational and financial controls through its appointed board directors and will enhance Avolon's business and funding opportunities.

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