Moody’s rates Avolon notes Ba3

Moody's Investors Service said it assigned a rating of Ba3 to the $750 million senior unsecured notes due 2023 issued by Avolon Holdings Funding Ltd., a subsidiary of Avolon Holdings Ltd.

Avolon's Ba2 corporate family rating and the ratings of Avolon's subsidiaries remain on review for upgrade pending closing of the sale of a 30% stake in Avolon by parent Bohai Capital Holding Co., Ltd. to ORIX Corp. (A3 stable), the agency said.

Moody's said it rated the senior notes based on Avolon's Ba2 credit profile, the notes' relative priority and proportion in Avolon's capital structure, and the strength of the notes' asset coverage.

The terms of the notes are consistent with those of Avolon Holdings Funding's existing senior unsecured debt, the agency said.

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