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Rating Action:

Moody's places AerCap's ratings on review for upgrade

17 Nov 2016

New York, November 17, 2016 -- Moody's Investors Service placed the Ba1 corporate family rating of AerCap Holdings N.V. on review for upgrade. The ratings of AerCap's subsidiaries were also placed on review for upgrade (see the complete list of affected ratings below).

RATINGS RATIONALE

Moody's is reviewing AerCap's ratings based on the company's progress solidifying its leading competitive positioning in commercial aircraft leasing, improving its fleet composition, and managing liquidity risks leading up to the increase in scheduled delivery of new aircraft from Boeing and Airbus over the next three years. The review also reflects the company's positive record of earnings and capital generation since acquiring larger competitor International Lease Finance Corporation in 2014.

AerCap has improved the risk profile of its fleet of over 1,000 owned aircraft by aggressively selling older models and investing in newer ones, reducing impairment and lease-up risks. The company is on pace to sell $3 billion of aircraft this year, on top of $2 billion of sales in 2015, with an average age of 12 years, reducing the firm's exposure to riskier out-of-production models. Delivery of aircraft featuring the newest fuel-saving designs and engines over the next few years should also reduce the risk profile of the company's fleet, reducing weighted average fleet age. During its review, Moody's will evaluate the evolving risk profile of AerCap's fleet and its effect on the firm's financial and operational stability.

AerCap has strengthened its liquidity cushion in advance of an increase in new aircraft deliveries over the next three years. The company had $12.3 billion of liquidity at 30 September 2016, including cash, committed borrowing availability and estimated operating cash flow, which provides the company ample resources to manage $3.9 billion of debt maturities and $4.4 billion of capital expenditures over the coming year. The company's ratio of liquidity sources to debt service and capital expenditures (12 months) measured 1.5x at 30 September 2016, above its 1.2x target, and liquidity sources currently provide more than 20 months of liquidity runway. AerCap has committed nearly all new aircraft delivering in 2017 and 2018 to leases and about 40% of 2019 deliveries, which reduces the financing risks of these aircraft. During the ratings review, Moody's will assess AerCap's prospects for maintaining strong liquidity as new deliveries occur over the next three years.

AerCap's operating results over the past two years reflect a net finance margin that compares favorably to industry peers, helped by high average yields and a cost of funds lower than peer average. AerCap's profit margins are expected to weaken modestly in connection with its sale of older but higher yielding aircraft and higher depreciation expense related to newly acquired aircraft. In its review, Moody's will consider the strength and stability of AerCap's earnings and cash flow margin, particularly given the transition in the company's fleet composition. Maintaining profitability consistently above the peer median is a key rating consideration.

Moody's could upgrade AerCap's ratings if full year 2016 results are consistent with expectations for continued above peer median profitability and if Moody's expects that the company will continue to maintain a liquidity runway in excess of 18 months. An upgrade would also require that AerCap remain committed to maintaining leverage (the company's measure of net debt/equity) comfortably within its target range of 2.7-3.0x (2.7x actual at 30 September 2016), reflecting a balanced use of capital generation.

Ratings placed on review include:

AerCap Holdings N.V.:

Corporate Family: Ba1, rating under review

AerCap Ireland Capital Limited:

Backed senior unsecured shelf: (P)Ba1

Backed senior unsecured: Ba1, rating under review

AerCap Global Aviation Trust

Backed Junior Subordinate: Ba3(hyb), rating under review

International Lease Finance Corporation:

Senior secured: Baa3, rating under review

Senior unsecured: Ba1, rating under review

Senior unsecured shelf: (P)Ba1

Preferred stock: Ba3(hyb), rating under review

Delos Finance SARL:

Backed senior secured bank credit facility: Baa3, rating under review

Flying Fortress Inc.:

Backed senior secured bank credit facility: Baa3, rating under review

ILFC E-Capital Trust I:

Backed preferred stock: Ba3(hyb), rating under review

ILFC E-Capital Trust II:

Backed preferred stock: Ba3(hyb), rating under review

AerCap is a major commercial aircraft leasing company listed on the New York Stock Exchange (AER). The company reported total assets of $41.8 billion at 30 September 2016.

The principal methodology used in these ratings was Finance Companies published in October 2015. 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 or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
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