Overview
- U.S.-based Aircraft lessor Aviation Capital Group Corp. (ACG) has reduced the amount of secured debt in its capital structure by issuing unsecured debt and repaying secured debt.
- We are raising our issue rating on ACG’s unsecured debt to ‘BBB-‘ from ‘BB+’.
- We are also affirming our ‘BBB-‘ corporate credit rating on ACG.
- The stable outlook reflects our expectations that ACG’s debt levels will remain relatively consistent through 2015 due to capital spending for new aircraft deliveries.
About Aviation Capital Group
Celebrating its 25th anniversary in 2014, ACG is one of the top aircraft operating lease enterprises in the world with a portfolio in excess of 250 commercial aircraft leased to approximately 90 airlines in 40 countries. ACG also maintains one of the leasing industry’s largest new aircraft order books with more than 120 Boeing and Airbus aircraft on order. ACG has an investment grade credit rating from Standard & Poor’s and Fitch Ratings and is a wholly owned subsidiary of Pacific Life Insurance Company (“Pacific Life”). Founded in 1868, Pacific Life is one of the leading U.S.-based life insurance companies with more than $130 billion in assets as of December 31, 2013.
Gordon Grant
Head of Investor & Media Relations – Communications
+1 949 219 4664
gordon.grant@aviationcapital.com
