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Rating Action:

Moody's upgrades AerCap Holdings N.V. to Ba1, stable outlook

29 Apr 2016

New York, April 29, 2016 -- Moody's Investors Service upgraded the corporate family and senior unsecured ratings of AerCap Holdings N.V. to Ba1 from Ba2. The ratings of AerCap's subsidiaries were also upgraded (see list below). The outlook for the ratings is stable. This concludes the review of AerCap's ratings initiated on March 3, 2016.

RATINGS RATIONALE

Moody's upgraded AerCap's ratings to reflect the company's reduced leverage, strengthened liquidity, and solid 2015 operating performance that exceeded Moody's expectations. During 2015, AerCap completed the integration of International Lease Finance Corporation, a large aircraft leasing company that it acquired in May 2014.

AerCap reduced leverage to 3.6x debt/tangible common equity (adjusted to net $1.5 billion of cash liquidity against debt) at year-end 2015, down from 4.2x at year-end 2014, but higher than the 3.4x Moody's anticipated. AerCap reduced leverage by its own measure to 2.9x, within its target range of 2.7x - 3.0x. AerCap's measure nets all unrestricted cash against debt and provides 50% equity credit to the company's trust-preferred and subordinated debt securities -- adjustments that Moody's does not incorporate into its calculation. Moody's expects that AerCap will be able to maintain the current leverage level based upon anticipated earnings and capital formation, which considers share repurchases under the company's $400 million authorization and financing for upcoming aircraft purchase commitments.

AerCap has strengthened its liquidity profile by accessing new funding, increasing and extending liquidity facilities and extending debt maturities. The company had $9.2 billion of liquidity at year end 2015, which together with solid operating cash flow and $700 million of recently arranged aircraft acquisition funding, provides the company ample resources to manage upcoming debt maturities, capital expenditures and operating requirements. The company's ratio of liquidity sources to debt service and capital expenditures measured 1.6x at December 31, above its 1.2x target, and liquidity sources currently provide more than 18 months of liquidity runway. Moody's expects that the company has the flexibility to maintain adequate liquidity as its new aircraft deliveries ramp up materially in 2017 and 2018, based on strong debt capital market access, predictable operating cash flow, aircraft sales opportunities, and the ability to revise share repurchases and moderate sale-leaseback volumes.

AerCap's strong profitability reflects a net finance margin that compares favorably to industry peers, owing to high average yields and a cost of funds lower than peer average. Earnings have also been aided by gains from the sale of a higher than anticipated number of older aircraft from the company's fleet, though this source of income is less predictable than the firm's rental income. AerCap's solid operating performance will likely continue, given the contracted nature of a high percentage of its revenues, its success keeping aircraft utilization high, and its record of renewing maturing leases and committing new aircraft to leases well in advance of delivery from manufacturers.

Moody's could upgrade AerCap's ratings if the company further improves fleet composition, extends its track record of strong profitability and cash flow, and effectively manages exposure concentrations. An upgrade would also be contingent on AerCap demonstrating flexibility in managing its liquidity in the face of increasing uses of cash, including debt maturities and aircraft deliveries. Lower leverage would strengthen AerCap's case for a rating upgrade.

Ratings changes include:

AerCap Holdings N.V.:

Corporate Family: to Ba1 from Ba2

AerCap Ireland Capital Limited:

Senior unsecured shelf: to (P)Ba1 from (P)Ba2

Backed senior unsecured: to Ba1 from Ba2

International Lease Finance Corporation:

Senior unsecured: to Ba1 from Ba2

Senior unsecured shelf: to (P)Ba1 from (P)Ba2

Senior secured: to Baa3 from Ba1

Preferred stock: to Ba3(hyb) from B1(hyb)

Delos Finance SARL:

Backed senior secured bank credit facility: to Baa3 from Ba1

Flying Fortress Inc.:

Backed senior secured bank credit facility: to Baa3 from Ba1

ILFC E-Capital Trust I:

Backed preferred stock: to Ba3(hyb) from B1(hyb)

ILFC E-Capital Trust II:

Backed preferred stock: to Ba3(hyb) from B1(hyb)

AerCap is a major commercial aircraft leasing company listed on the New York Stock Exchange (AER). The company reported total assets of $43.9 billion and annual net earnings of $1.2 billion at December 31, 2015.

The principal methodology used in these ratings was Finance Companies published in October 2015. Please see the Ratings 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

Moody's upgrades AerCap Holdings N.V. to Ba1, stable outlook
No Related Data.
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