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Kroll Bond Rating Agency (KBRA) has upgraded all tranches of notes issued in the Business Jet Securities (BJETS) 2020-1 and BJETS 2021-1 transactions by one rating notch. Financial solutions company Global Jet Capital originated and services the loans and leases securitised in such issuances. KBRA took these rating actions following a comprehensive surveillance review.
In upgrading the notes, KBRA considered key performance metrics such as changes in delinquent or defaulted contracts, cumulative net loss utilisation and debt service coverage, and loan-to-value ratios. All classes of notes in BJETS 2020-1 and BJETS 2021-1 have received timely interest and scheduled principal payments since the closing of such transactions.
“These rating upgrades are a testament to the stellar performance of Global Jet Capital's well diversified portfolio and the continued strength of the business aviation industry,” says CEO Vivek Kaushal. “We are extremely pleased with the recognition from KBRA and continue to focus on delivering strong value for both our clients and our investors.”
Global Jet Capital has issued an aggregate of $3.6 billion of asset-backed security (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 Securitisation Awards.