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Moody’s assigns Air Transport notes Ba3
Moody’s Investors Service said it assigned new ratings to Air Transport Services Group, Inc., including a Ba2 corporate family rating and a Ba3 rating to the company’s proposed $400 million of senior unsecured notes due 2028, issued by subsidiary Cargo Aircraft Management, Inc.
Moody’s rated the senior notes one notch lower than the corporate family rating, reflecting the notes’ relative priority and proportion in the company’s capital structure and the strength of the notes’ asset coverage.
Air Transport’s Ba2 rating is supported by its position as one of the leading providers of air cargo fleet leasing and related services, including crew, maintenance and insurance services. The rating is also supported by the company’s good earnings growth, solid operating execution exhibited by high margins and a good liquidity profile, and a funding structure that is augmented by the new senior unsecured notes.
The outlook for both entities is stable.
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