Kroll Bond Rating Agency Assigns Preliminary Ratings to Thunderbolt Aircraft Lease Limited

NEW YORK–(BUSINESS WIRE)– Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (“the Notes”) issued by Thunderbolt Aircraft Lease Limited.

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Proceeds from the sale of the Notes will be used to purchase a fleet of 19 aircraft that are initially leased to 17 airlines located in 13 countries with an initial total value of approximately $436.4 million.

This transaction represents the second 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 December 31, 2016, ALC’s net book value of its fleet was approximately $12.0 billion, with 237 owned aircraft, and an additional 30 managed aircraft. The aircraft are on lease to 85 airlines across 51 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, Thunderbolt Aircraft Lease Limited, 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 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: Thunderbolt Aircraft Lease Limited Representations and Warranties Disclosure.

Related Publications: (available at www.kbra.com)

• ABS: Aviation ABS Methodology
• ABS: Thunderbolt Aircraft Lease Limited

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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Analytical:

Kroll Bond Rating Agency

Alan Greenblatt, 646-731-2496

Director

agreenblatt@kbra.com

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Patrick McShane, 646-731-2376

Senior Director

pmcshane@kbra.com

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Caitlin Colvin, 646-731-2465

Senior Director

ccolvin@kbra.com

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Andrew Kabala, 646-731-2447

CFA, Director

akabala@kbra.com

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Source: Kroll Bond Rating Agency