Avolon Holdings Limited (˜Avolon), the international aircraft leasing company, announces that S&P Global Ratings (˜S&P) has upgraded the rating on its senior unsecured notes to BB+.
S&P has upgraded its issue-level rating on all outstanding senior unsecured notes issued by Avolons wholly owned subsidiaries, Avolon Holdings Funding Limited and Park Aerospace Holdings Limited, from BB to BB+ with a stable outlook. S&P maintains its BB+ corporate credit rating on Avolon, with a stable outlook.
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a Chinese public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation, which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the worlds third largest aircraft leasing business with an owned, managed and committed fleet, as of 31 December 2018 of 971 aircraft.
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