Fitch withdraws Global Aircraft Leasing’s ratings

Fitch Ratings has affirmed and withdrawn Global Aircraft Leasing’s (GALC) BB long-term issuer default rating (IDR) and its BB- expected rating assigned to its proposed $1.95bn issuance of senior secured payment-in-kind (PIK) toggle notes due 2028. The PIK toggle notes were co-issued by GALC and Global Sea Containers Two (GSCL II). Fitch withdrew the expected debt rating as the transaction is no longer expected to proceed as previously envisaged. As a result, the expected rating is no longer expected to convert to a final rating. Fitch has also affirmed and withdrawn the IDR of ‘BB’ assigned to GALC as its