Standard & Poor's Global Ratings have placed the notes issued in two of Global Jet Capital's asset-backed security (ABS) transactions on CreditWatch with positive implications. S&P assigned CreditWatch with positive implications to all tranches of notes in the BJETS 2020-1 and BJETS 2021-1 issuances. Global Jet Capital, a global leader in financial solutions for business aircraft, originated and services the securitised loans and leases.

According to S&P, it assigned CreditWatch with positive implications to these notes due to, among other things, the portfolios' stable performance since the closing of such transactions and improvements in credit enhancements at the notes' current rating levels resulting from faster-than-scheduled principal repayments.

“We believe these ratings reflect the strong performance of Global Jet Capital's highly diversified portfolio and the importance of business aviation for our client base,” states Vivek Kaushal, chief executive officer. “We are grateful to our investors and rating agencies for recognising and rewarding this performance.”

Global Jet Capital has issued an aggregate of $3.6 billion of ABS notes collateralised by business aircraft loans and leases through its BJETS securitisation programme. 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.