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Summary: AWAS Aviation Capital Ltd. May 11
Standard & Poors, May 2011
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.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.