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Kroll Bond Rating Agency Assigns Preliminary Ratings to Blackbird Capital Aircraft Lease Securitization Limited 2016-1Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the "Notes") issued by Blackbird Capital Aircraft Lease Securitization Limited 2016-1. Proceeds from the sale of the Notes will be used to purchase a fleet of 19 aircraft that are initially leased to 16 airlines located in 13 countries with an initial total value of approximately $1.049 billion. This transaction represents the first term securitization for Blackbird Capital I LLC and the first term securitization of aircraft managed by Air Lease Corporation ("ALC" or the "Company"). ALC was founded in 2010 by Steven F. Udvar Házy. As of June 30, 2016, ALC had approximately $13.3 billion of assets under management with a fleet of 245 owned and 33 managed aircraft on lease to 90 airlines across 70 countries. 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 Presale Report, Blackbird Capital Aircraft Lease Securitization Limited 2016-1, 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: Blackbird Capital Aircraft Lease Securitization Limited 2016-1 Representations and Warranties Disclosure. Related Publications: (available at www.kbra.com)
Follow us on Twitter (News - Alert)! 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).
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