Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by KDAC Aviation Finance (Cayman) Limited and KDAC Aviation Finance (USA) LLC (together, “KDAC Aviation” or the “Issuers”).

This transaction is the third sponsored portfolio securitization serviced by DVB. DVB is headquartered in London, England with offices located in the United States, Ireland, Amsterdam, Singapore and Taiwan. Proceeds from the sale of the Notes will be used to refinance the KDAC 2017-1 transaction, including 34 aircraft assets (the “Portfolio”) on lease to 28 lessees located in 24 countries. As of December 31, 2019, the initial weighted average aircraft age of the Portfolio is approximately 13.8 years, with a weighted average remaining lease term of approximately 2.8 years. The Portfolio consists of 66.2% narrowbody aircraft and 33.8% widebody aircraft (by value). The Portfolio has an initial value of approximately $754.3 million, based on the average of the half-life base values provided by three appraisers as of October 31, 2019 and adjusted for maintenance conditions as determined by Alton Aviation Consultancy (“Alton”) as of December 31, 2019.

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