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Global Jet Capital’s Securitizations Upgraded

by Mia Yao
Global Jet Capital’s Securitizations Upgraded

S&P Global Ratings has upgraded two tranches of two Global Jet Capital securitizations, reflecting the company’s strong business performance.

For BJETS-2020-1, Class B notes were upgraded to A- from BBB and Class C notes were upgraded from BB to BBB+. Regarding BJETS 2021-1, Class B notes were upgraded to BBB+ from BBB and Class C notes were upgraded from BB to BBB-.

The financial solution provider has seen a significant increase in the respective notes’ credit enhancement due to faster-than-expected principal repayments to the lenders. Strong collateral collections and sustained stable portfolio performance since closing also contributed to the successful upgrades.

Global Jet Capital has issued an aggregate of $3.6 billion of asset-backed security (ABS) notes collateralized by business aircraft loans and leases through its BJETS securitization program.

“We are pleased to see the diversification and stability in our portfolio being recognized by S&P,” said Vivek Kaushal, Chief Executive Officer, Global Jet Capital. “We are grateful to our investors and S&P for recognizing and rewarding this ongoing strong performance.”

Months ago, Global Jet capital’s tranches of notes issued in the Business Jet Securities (BJETS) 2020-1 and BJETS 2021-1 also got upgraded by Kroll Bond Rating Agency, in recognition of Global Jet capital’s well-diversified portfolio and the strength of the business aviation industry.

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