Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to three series of notes (the “Notes”) issued by START III Ltd. and START III USA LLC (together, “STARR III” or the “Issuers”).
Proceeds from the sale of the Notes will be used to acquire 20 aircraft (the “Portfolio”) on lease to 17 lessees located in 14 countries. As of October 30, 2019, the initial weighted average aircraft age of the Portfolio is approximately 8.4 years, with a weighted average remaining lease term of approximately 5.5 years. The Portfolio consists of 100% narrowbody aircraft. The Portfolio has an initial value of approximately $538.8 million, based on the average of the half-life base values provided by three appraisers as of August 2019 and adjusted for maintenance conditions as determined by Alton Aviation Consultants LLC (“Alton”) as of October 2019.
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Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.