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Rating Action:

Moody's affirms AerCap entities' Baa3 senior ratings, revises outlook to positive from stable

12 Aug 2019

New York, August 12, 2019 -- Moody's Investors Service ("Moody's") affirmed the Baa3 senior unsecured ratings of AerCap Ireland Capital D.A.C., AerCap Global Aviation Trust, and International Lease Finance Corporation and assigned a Baa3 backed issuer rating to parent holding company AerCap Holdings N.V. (together "AerCap"; see the complete list of affected ratings below). Moody's revised AerCap's outlook to positive from stable. Moody's has also withdrawn the outlooks on AerCap's existing instrument ratings for its own business reasons.

Affirmations:

..Issuer: AerCap Global Aviation Trust

....Junior Subordinated Regular Bond/Debenture, Affirmed Ba1 (hyb)

....Senior Unsecured Shelf, Affirmed (P)Baa3

..Issuer: AerCap Ireland Capital D.A.C

....Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

....Senior Unsecured Shelf, Affirmed (P)Baa3

..Issuer: Delos Finance SARL

....Gtd. Senior Secured Term Loan, Affirmed Baa2

..Issuer: Flying Fortress Holdings, LLC

....Gtd. Senior Secured Term Loans, Affirmed Baa2

..Issuer: ILFC E-Capital Trust I

....Pref. Stock Preferred Stock, Affirmed Ba1 (hyb)

..Issuer: ILFC E-Capital Trust II

....Pref. Stock Preferred Stock, Affirmed Ba1 (hyb)

..Issuer: International Lease Finance Corporation

....Pref. Stock Preferred Stock, Affirmed Ba2 (hyb)

....Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Assignments:

..Issuer: AerCap Holdings N.V.

.... Backed Issuer Rating, Assigned Baa3

Outlook Actions:

..Issuer: AerCap Global Aviation Trust

....Outlook, Changed To Positive From Stable

..Issuer: AerCap Holdings N.V.

....Outlook, Assigned Positive

..Issuer: AerCap Ireland Capital D.A.C

....Outlook, Changed To Positive From Stable

..Issuer: Delos Finance SARL

....Outlook, Changed To Positive From Stable

..Issuer: Flying Fortress Holdings, LLC

....Outlook, Changed To Positive From Stable

..Issuer: ILFC E-Capital Trust I

....Outlook, Changed To Positive From Stable

..Issuer: ILFC E-Capital Trust II

....Outlook, Changed To Positive From Stable

..Issuer: International Lease Finance Corporation

....Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Moody's affirmed AerCap's senior unsecured ratings based on strong operating performance and effective liquidity and capital management over the past year, which has solidified the company's leading franchise positioning in aircraft leasing. In addition, AerCap has continued to improve fleet composition through the sale of older aircraft and investment in new technology models and demonstrated strong lease placement and residual risk management. AerCap has strong liquidity management discipline, consistently maintaining a cushion of available liquidity in anticipation of its operating and financing needs. The ratings affirmation also reflects the company's solid record of earnings, cash flow and capital generation since acquiring larger competitor International Lease Finance Corporation (ILFC) in 2014. Though competition within the aircraft leasing sector has intensified, Moody's expects that AerCap will continue to generate profitability that is stronger than most rated peers.

Moody's assignment of a Baa3 backed issuer rating to AerCap Holdings N.V. reflects AerCap's consolidated credit profile as well as Moody's expectation that, were senior unsecured notes ever issued by the holding company, the notes would be supported by subsidiary guarantees, resulting in the notes having creditor protections that are indistinguishable from the Baa3 senior notes issued by the subsidiaries. Absent such support, the holding company senior notes would be rated one notch lower than the senior notes of the rated subsidiaries, reflecting structural subordination.

Moody's revised AerCap's outlook to positive based on expectations that the company will continue to make improvements in funding structure by shifting debt funding toward a higher proportion of unsecured debt, increasing unencumbered assets and enhancing the company's financial flexibility and liquidity. The outlook also reflects Moody's expectations that the company's debt to tangible net worth leverage, while higher than certain peers, will be closely managed in accordance with the company's target of 2.8x net debt/equity (including AerCap adjustments). AerCap revised its leverage guidance earlier this year, narrowing the target from a previous range of 2.7x -- 3.0x. Moody's also expects that AerCap will continue to generate strong and stable earnings and cash flows and effectively manage fleet residual risks.

Constraints on AerCap's ratings include exposure to the cyclical airline industry, significant speculative aircraft purchase commitments, and debt to tangible net worth leverage (including Moody's adjustments) that is higher than certain peers, and a fleet composition that is more weighted toward wide-body aircraft than most peers, which Moody's believes increases remarketing challenges compared to fleets with a higher proportion of narrow-body aircraft.

Moody's could upgrade the ratings if AerCap: 1) increases and maintains a ratio of tangible common equity to tangible managed assets above 20%; 2) further reduces fleet composition risks; 3) sustainably reduces secured debt/gross tangible assets to less than 25%; and 4) maintains strong liquidity and pre-tax profitability above the peer median.

Moody's could downgrade AerCap's ratings if the company's operating prospects unexpectedly weaken, liquidity weakens in relation to upcoming expenditures, the company pursues a strategy that increases fleet residual risks, or its leverage increases materially from the current level.

The principal methodology used in these ratings was Finance Companies published in December 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Mark L. Wasden
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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