Recovery Report: AWAS Aviation Capital Ltd.'s Recovery Rating Profile May 10

  • ID: 2083362
  • May 2010
  • Standard & Poors
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We are assigning our 'BBB-' issue-level and '1' recovery ratings to AWAS Aviation Capital Ltd.'s $530 million senior secured term loan due 2016. The new term loan will refund existing aircraft-related debt. Our simulated default scenario was based on a payment default in 2014 caused by a severe decline in the travel industry in 2013, resulting in aircraft leases not being renewed or the failure of one or more lessees. AWAS is an aircraft operating lessor based in Dublin, Ireland, and is owned by Terra Firma. Terra Firma's investment in AWAS is made through two Terra Firma funds--Terra Firma Capital Partners II and Terra Firma Capital Partners III. The borrower, unrated Luxembourg SPC, is a newly organized, wholly owned subsidiary...

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.

Research Type: Full Analysis

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- AWAS Aviation Capital Ltd.

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