Fitch sees rating Macquarie notes BB

Fitch Ratings said it expects to assign a BB rating to Macquarie AirFinance Holdings Ltd.'s planned issuance of $500 million of senior unsecured notes. The fixed rate of interest and final maturity date will be determined at the time of issuance.

“The expected rating on the proposed issuance is equalized with MAHL's existing senior unsecured notes as the issuance will rank equally in the capital structure. The expected rating of the senior unsecured notes is aligned with MAHL's BB long-term issuer default rating (IDR), reflecting expectations for average recovery prospects in a stress scenario given the availability of unencumbered assets,” Fitch said in a statement.

The proceeds will be used to repay debt under its senior secured term loan and unsecured revolving credit facility and for general corporate purposes.

The outlook is stable.

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