Fitch Assigns Final Rating of 'BB+' to Air Lease's Preferred Shares
26 APR 2019 02:34 PM ET
Fitch Ratings-Chicago-26 April 2019: Fitch Ratings has assigned a final rating of 'BB+' to Air Lease Corporation's (Air Lease) issuance of $250 million 6.150% fixed-to-floating rate perpetual non-cumulative preferred shares.
The preferred shares represent unsecured obligations, ranking junior to and subordinated in right of payment to Air Lease's current and future senior and subordinated indebtedness. Distributions on the preferred shares are non-cumulative. Unless distributions have been declared on the preferred shares, Air Lease may not declare or pay distributions on its common shares except under certain circumstances. The preferred shares are perpetual in nature but may be redeemed, at Air Lease's option, five-years after the issuance. Proceeds from the issuance will be used for general corporate purposes.