Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by Castlelake Aircraft Structured Trust 2019-1.

This transaction represents the sixth securitization for Castlelake, L.P. (“Castlelake” or the “Company”). The portfolio will be serviced by Castlelake Aviation Holdings (Ireland) Limited (the “Servicer”), which is a wholly owned subsidiary of Castlelake.

Proceeds from the sale of the Notes will be used to acquire 28 aircraft on lease and four loans, secured by four aircraft, to 14 lessees/obligors located in 13 countries with initial value of approximately $1,045.3 million.

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 Global Aviation ABS Methodology published on November 28, 2017.