S&P rates Avolon notes BB

S&P said it assigned its BB issue-level rating to Avolon Holdings Funding Ltd.'s senior unsecured notes. Parent Avolon Holdings Ltd. guarantees the notes.

S&P also assigned a 5 recovery rating, indicating an expectation that lenders would receive modest (10%-30%; rounded estimate: 10%) recovery of principal in the event of a payment default.

The BB+ issuer credit rating on aircraft lessor Avolon Holdings Ltd. reflects its position as the third-largest aircraft lessor. It also takes into account the Aug. 7, 2018 announcement that Japanese financial services group ORIX Corp. has proposed a $2.2 billion investment for a 30% stake in Avolon, S&P said in a news release.

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