Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued by START Ltd. and START USA LLC (together, “START 2018-1” or the “Issuers”).

GE Capital Aviation Services Limited will act as servicer for the transaction (“GECAS”, the “Company” or the “Servicer”). This transaction is the eleventh securitization serviced by GECAS and the second of those rated by KBRA. KBRA notes that an affiliate of GECAS will be retaining a small minority percentage of the equity in START 2018-1.

Proceeds from the sale of the Notes will be used to acquire 24 aircraft (the “Portfolio”) on lease to 16 lessees located in 15 countries. As of December 31, 2017, the initial weighted average aircraft age of the Portfolio is approximately 7.7 years, with a weighted average remaining lease term of approximately 4.5 years. The Portfolio consists of 23 narrowbody aircraft (87.7% by value) and one widebody aircraft (12.3% by value). The Portfolio has an initial value of approximately $695.6 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 Rating Methodology published on November 28, 2017.

For complete details on the analysis, please see KBRA’s pre-sale report, START Ltd., which was published today at

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.
Notes Preliminary Rating Initial Note Amount
Series A Notes A (sf) $430,000,000
Series B Notes BBB (sf) $120,000,000
Series C Notes BB (sf) $36,900,000

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 available here.