World News: 17:19 GMT Wednesday 15th May 2019. [Kroll Bond Rating Agency Europe Limited via Businesswire via SPi World News]
Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to two classes of notes (the “Notes”) issued by JOL Air Limited (“JOL Air”).
The transaction represents Stratos Aircraft Management Limited’s (“Stratos”, the “Servicer” or the “Company”) inaugural securitization. KBRA notes that the Servicer will initially be purchasing a minority proportion of the Class C Notes issued by JOL Air.
Stratos, founded in 2013, focuses its core business on remarketing and servicing aircraft. The company is an independent firm comprised of a team of aviation industry veterans primarily focused on large commercial aircraft with dual headquarters in Shannon, Ireland and Monaco.
Proceeds from the sale of the Notes will be used to acquire 15 aircraft (the “Portfolio”) on lease to 11 lessees located in 10 countries. As of March 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 4.0 years with a weighted average remaining lease term of approximately 8.3 years.
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Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Business Wire: 17:19 GMT Wednesday 15th May 2019
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