The affirmation reflects the performance of the portfolio in line with expectations and the average quality of the assets. The quality of all new asset aquisitions was in line with the investment criteria.
Scope Ratings has today affirmed its A- rating on the notes issued by PR Aircraft Finance S.A. – Compartment 1. Scope reviewed the rating on the notes issued by PR Aircraft Finance S.A. – Compartment 1 (PR Aircraft) as part of annual monitoring and following the addition of new assets to the portfolio.
The new loans added to the portfolio have confirmed the ramp-up strategy and marginally reduced the expected loss for investors, despite this reduction being immaterial for the rating.
The portfolio is well diversified across different aircraft types. Liquid aircraft with a proven secondary market makes up the largest portion of the portfolio.
The rating considers the portfolio’s credit quality as of November 2019, as well as potential minor shifts expected in the portfolio’s quality as the ramp-up phase continues. At present, the portfolio’s risk characteristics are better than those allowed by the investment criteria.
All loans in the portfolio are directly or indirectly secured by one or more aircraft and, in certain instances, direct recourse to a lessor.
Scope continuously monitors PR Aircraft Finance S.A. – Compartment 1.