DANBURY, CT – May 18, 2023
S&P (Standard & Poor’s) Global Ratings upgraded its ratings on several tranches of BJETS 2020-1 and BJETS 2021-1 ABS notes. In the case of BJETS-2020-1, Class B notes were upgraded to A- from BBB and Class C notes were upgraded from BB to BBB+, while the Class A notes maintained their A rating. Regarding BJETS 2021-1, Class B notes were upgraded to BBB+ from BBB and Class C notes were upgraded from BB to BBB-, while the Class A notes maintained their A rating. Per S&P’s existing risk criteria, A is the highest achievable rating for notes issued in bizjet transactions.
The notes issued in the BJETS 2022-1 transaction maintained their existing ratings of A for Class A notes, BBB for Class B notes and BB for Class C notes.
According to S&P, the upgrades primarily reflect the significant increase in the respective notes' credit enhancement due to faster-than-expected principal repayments, strong collateral collections, and sustained stable portfolio performance since closing.
Global Jet Capital, a global leader in financial solutions for business aircraft, originated and services the securitized loans and leases embedded in its ABS transactions.
“We are pleased to see the diversification and stability in our portfolio being recognized by S&P,” stated Vivek Kaushal, Global Jet Capital’s Chief Executive Officer. “We are grateful to our investors and S&P for recognizing and rewarding this ongoing strong performance.”
Global Jet Capital has issued an aggregate of $3.6 billion of ABS notes collateralized by business aircraft loans and leases through its BJETS securitization program. The company is a programmatic issuer in the ABS market, having completed six transactions since its inaugural issuance in 2018. Global Capital awarded BJETS 2020-1, the first aviation ABS to come to market following the start of the COVID pandemic, “ABS Deal of The Year” in its 2021 US Securitization Awards.