Summary: AWAS Aviation Capital Ltd. May 11

Standard & Poors, May 2011

Abstract
The ratings on Dublin, Ireland-based AWAS Aviation Capital Ltd. reflect its position as a large provider of aircraft operating leases and its diversified fleet and airline customer base. Limiting credit considerations include exposure to cyclical demand and lease rates for aircraft, a weaker financial profile than some of its competitors, and a substantial percentage of encumbered assets, limiting options for raising capital. We characterize AWAS' business risk profile as satisfactory and its financial risk profile as significant. With a fleet of 209 aircraft, AWAS is solidly positioned among the second tier of aircraft operating lessors as measured by fleet size, along with AerCap Holdings N.V., CIT Aerospace International, RBS Aviation Capital, Babcock and Brown Air Ltd., Aviation Capital Group Corp.,...

Companies mentioned in this report are: AWAS Aviation Capital Ltd.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

AWAS Aviation Capital Ltd.

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