Moody's gives AerCap Ireland notes Baa3

Moody's Investors Service said it assigned a Baa3 backed long-term rating to the planned senior unsecured notes of co-issuers AerCap Ireland Capital DAC and AerCap Global Aviation Trust, subsidiaries of AerCap Holdings NV. The ratings and stable outlooks of AerCap and its rated subsidiaries, including the issuers of the senior notes, are unaffected by this rating action.

AerCap will sell dollar-denominated notes in fixed- and floating-rate tranches with various maturities.

“The Baa3 rating on the proposed senior unsecured notes reflects the notes' seniority in AerCap's capital structure, the guarantees from AerCap as parent as well as from certain of AerCap's subsidiaries, and the credit attributes supporting AerCap's Baa3 backed issuer rating,” Moody’s said in a press release.

AerCap Holdings will use the proceeds to fund a portion of the about $24 billion cash consideration, subject to certain adjustments, it will pay to General Electric Co. for its pending acquisition of GE Capital Aviation Services (Gecas).

AerCap could issue added secured and unsecured debt and/or draw on bridge financing commitments to make up the balance of the amount owed to GE at closing, the agency said.

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