Fitch Affirms Shenton Aircraft Investment Ltd

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirms Shenton Aircraft Investment I Ltd. (SAIL) as follows:

--Series A at 'Asf', Outlook Stable;

--Series B at 'BBBsf', Outlook Stable.

KEY RATING DRIVERS

The affirmation of the notes reflects the transaction's consistent performance to date which has been within Fitch's initial expectations. The Stable Outlook reflects Fitch's expectation that cash flow from the portfolio of aircraft will continue to be adequate to withstand stresses commensurate with the current ratings. Initial key rating drivers and the rating sensitivities are further described in Fitch's New Issue Report for this transaction dated Sept. 18, 2015.

RATING SENSITIVITIES

Due to the correlation between the global economic conditions and the airline industry, the ratings may be impacted by the strength of the macro-environment over the remaining term of this transaction. Global economic conditions that are inconsistent with Fitch's expectations and stress parameters could lead to negative rating actions. Fitch, in the initial rating analysis, found the transaction to have minimal sensitivity to the lower lease rate factors, severity of assumed recessions, and reduced maintenance collections.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

Additional information is available at www.fitchratings.com

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01 Sep 2016)

https://www.fitchratings.com/site/re/886006

Global Rating Criteria for Aircraft Operating Lease ABS (pub. 26 Apr 2016)

https://www.fitchratings.com/site/re/879831

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

Related Research

Shenton Aircraft Investment I Ltd. - Appendix

https://www.fitchratings.com/site/re/870929

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011386

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011386

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160908006316/en/

Fitch Ratings
Surveillance Analyst
Thomas Kaiser, CPA, CFA
Associate Director
+1-312-368-3338
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-0156
or
Media Relations
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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