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Rating Action:

Moody's affirms AerCap's Baa3 issuer rating, revises outlook to stable from positive

10 Mar 2020

New York, March 10, 2020 -- Moody's Investors Service, ("Moody's") has affirmed the Baa3 backed issuer rating of AerCap Holdings NV (AerCap) and the Baa3 long-term senior unsecured ratings of subsidiaries AerCap Ireland Capital D.A.C. and International Lease Finance Corporation. Moody's also revised the outlook of AerCap and its rated subsidiaries to stable from positive.

Affirmations:

..Issuer: AerCap Holdings N.V.

....Backed Issuer Rating, Affirmed Baa3

....Backed Junior Subordinated Regular Bond/Debenture, Affirmed Ba2 (hyb)

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

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

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

..Issuer: AerCap Global Aviation Trust

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

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

..Issuer: International Lease Finance Corporation

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

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

..Issuer: Delos Finance SARL

....Backed Senior Secured Bank Credit Facility, Affirmed Baa2

..Issuer: Flying Fortress Holdings, LLC

....Backed Senior Secured Bank Credit Facility, Affirmed Baa2

..Issuer: ILFC E-Capital Trust I

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

..Issuer: ILFC E-Capital Trust II

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

Outlook Actions:

..Issuer: AerCap Holdings N.V.

....Outlook, Changed To Stable From Positive

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

....Outlook, Changed To Stable From Positive

..Issuer: AerCap Global Aviation Trust

....Outlook, Changed To Stable From Positive

..Issuer: International Lease Finance Corporation

....Outlook, Changed To Stable From Positive

..Issuer: Delos Finance SARL

....Outlook, Changed To Stable From Positive

..Issuer: Flying Fortress Holdings, LLC

....Outlook, Changed To Stable From Positive

..Issuer: ILFC E-Capital Trust I

....Outlook, Changed To Stable From Positive

..Issuer: ILFC E-Capital Trust II

....Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Moody's affirmed AerCap's Baa3 backed long-term issuer rating based on the company's strong operating performance and effective liquidity and fleet risk management, which has solidified the company's leading competitive positioning in commercial aircraft leasing. AerCap consistently maintains a strong liquidity cushion in relation to its operating and financing needs and it has continued to diversify its funding sources. AerCap has strengthened its fleet composition through active fleet trading and the ongoing acquisition of new technology aircraft models, reducing the company's exposure to the more volatile residual risks on aging aircraft.

AerCap also has a history of arranging leases on its new aircraft well in advance of their delivery from manufacturers, helping to contain lease-up and financing risks. AerCap's credit profile is also strengthened by the company's solid record of earnings, cash flow and capital generation over the past several years. AerCap reported 2019 earnings of $1,146 million, up 13% from 2018, resulting in a ratio of net income to average assets of 2.6%, which compares well with rated peers in aircraft leasing.

Moody's revised AerCap's outlook to stable from positive to reflect the disruption of global airline operations associated with the spread of COVID-19 that has led to a change in Moody's outlook on the aircraft leasing sector to stable from positive and the outlook on the airline industry to negative from stable. Moody's expects that lessors including AerCap will suffer moderate revenue delays over the next two quarters as lessors selectively accede to rental deferral requests from weakened airlines. The revised stable outlook also considers that a downside scenario for the sector would result in far greater operational disruption and severe, credit negative revenue losses and aircraft impairments if coronavirus-related illnesses become significantly more pervasive in coming months and prompt government or industry action to more broadly curtail flights.

Additional credit challenges include AerCap's exposure to the cyclical airline industry, significant speculative aircraft purchase commitments, and a fleet composition that is more weighted toward wide-body aircraft than most peers. This could result in increased remarketing challenges compared to fleets with a higher proportion of more liquid narrow-body aircraft.

AerCap has exposure to aviation sector environmental concerns that increase long-term risks to the company's earnings and cash flow and factor into Moody's assessment of the company's anticipated financial profile. Moody's does not have any particular governance concerns for AerCap.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could upgrade AerCap's ratings if the company: 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 the ratio of secured debt to 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 1) operating prospects unexpectedly weaken including from a prolonged disruption in air travel and weakening of airline credit quality, 2) liquidity weakens in relation to upcoming expenditures, 3) fleet residual risks rise, or 4) leverage increases materially from the current level.

The principal methodology used in these ratings was Finance Companies Methodology published in November 2019. 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.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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