Fitch sees rating AerCap notes BBB

Fitch Ratings said it assigned an expected BBB rating to AerCap Ireland Capital DAC and AerCap Global Aviation Trust's planned sale of up to $1.5 billion of new senior unsecured notes due April 15, 2027. The issuers are wholly-owned subsidiaries of AerCap Holdings NV. The fixed rate of interest will be determined at the time of issuance.

The notes are being issued as part of an exchange offer for the issuers' senior notes due, in order of exchange priority, October 2024, August 2024, October 2024, February 2024, January 2025 and July 2025.

“The expected senior note rating is equalized with the ratings assigned to the issuers' existing senior notes, as the new senior notes will rank equally in the capital structure,” Fitch said in a press release.

Noteholders may exchange their senior notes for total consideration comprising a combination of new notes and, in the case of certain series, a cash component. Noteholders who validly tender their notes by the early participation date will also be eligible to receive an early participant payment which will be paid solely in new notes, Fitch noted.

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