S&P assigns BB- to Griffin, notes

S&P said it assigned BB- ratings to Griffin Global Asset Management Holdings Ltd. and the $1 billion of senior unsecured notes it plans to issue through its subsidiary GGAM Finance Ltd. Griffin will guarantee the notes.

The agency assigned a stable outlook.

“As of March 31, 2023, its portfolio comprised 41 aircraft, with letters of intent to grow to 60 aircraft by the end of 2023 and further growth thereafter. However, the company's portfolio has favorable characteristics; the weighted average age of its fleet (based on net book value) is expected to be 1.3 years by the end of 2023, the lowest, by far, of its peers, which average five to eight years. The average remaining lease term of 10.1 years is also the highest of its peers, which average five to eight years, and provides more certainty of future cash flow,” the agency said in a press release.

However, S&P noted the company has a limited track record and is a relatively small lessor.

Griffin plans to use the proceeds to partially pay down its secured warehouse facility.

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