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AWAS Aviation Capital Ltd. $600 Million Senior Secured Notes Rated 'BBB-' Sep 10
Standard & Poors, September 2010
NEW YORK (Standard & Poor's) Sept. 24, 2010--Standard & Poor's Ratings Services today assigned its 'BBB-' rating to AWAS Aviation Capital Ltd.'s (AWAS) $600 million senior secured notes due 2016. We also assigned a recovery rating of '1' to the notes, indicating very high (90%-100%) recovery of principal in the event of a payment default. The notes are being offered through a Rule 144a transaction without registration rights. Proceeds of AWAS's notes will be used to repay debt secured by 56 aircraft, to finance the purchase of four new aircraft to be delivered between January and April 2011, and for general corporate purposes. The ratings on AWAS reflect its position as a large provider of aircraft operating leases and its...
Companies mentioned in this report are: AWAS Aviation Capital Ltd.
Action: New Rating
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: News
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AWAS Aviation Capital Ltd.