NEW YORK (July 26, 2019) – Kroll Bond Rating Agency (KBRA) affirms the ratings on the Series A Loans, Series B Loans and Series C Loans of Prop 2017-1 Limited, a turboprop aircraft ABS transaction, which closed on February 16, 2017.
The Series A Loans, Series B Loans and Series C Loans (collectively, the “Loans”) borrowed by Prop 2017-1 Limited (“Prop 2017-1”) represented the first securitization of aircraft managed by Elix Aviation Capital Limited (the “Servicer”).
On the closing date, proceeds from the sale of the Loans were used to purchase a fleet of 63 aircraft on lease to 17 airlines located in 12 countries. 62 aircraft had transferred legal title to Prop 2017-1 and one aircraft was not delivered and the proceeds from the undelivered aircraft were used to prepay the Loans associated with that aircraft.
Please see surveillance report for further information.
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