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Kroll Bond Rating Agency Assigns Preliminary Ratings to S-JETS 2017-1 LimitedKroll Bond Rating Agency (KBRA) assigns preliminary ratings to three series of notes (the "Notes") issued by S-JETS 2017-1 Limited. Proceeds from the sale of the Notes will be used to acquire 21 aircraft that are initially leased to 16 lessees located in 13 countries with an initial total value of approximately $991.7 million. This transaction represents the inaugural securitization for Sky Aviation Leasing International Limited ("Sky" or the "Company"). Sky, founded in 2015, is an aircraft leasing company focused on providing sale leaseback financing solutions to airlines for new and young mid-life aircraft as well providing capital to the secondary trading market for portfolio rebalancing by other aircraft lessors. As of July 31, 2017, Sky has a team of 29 individuals across five departments focused on capital markets, aircraft marketing, technical, accounting/operations and legal/compliance. The transaction benefits from sufficient credit enhancement and liquidity, as well as a dynamic structure that accelerates principal payments on the Notes in the event of weak performance. KBRA analyzed the transaction using the Aviation ABS Methodology published on October 26, 2016. For complete details on the analysis, please see KBRA's Pre-Sale Report, S-JETS 2017-1 Limited Pre-Sale Report, which was published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.
Representations & Warranties Disclosure All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC (News - Alert) Rule 17g-7, to provide a description of a transaction's representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA's disclosure for this transaction can be found in the report entitled ABS: S-JETS 2017-1 Limited Representations and Warranties Disclosure. Related Publications: (available at www.kbra.com) About Kroll Bond Rating Agency KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). View source version on businesswire.com: http://www.businesswire.com/news/home/20170803005965/en/ |
