Fitch Ratings has upgraded FTAI Aviation from BB- to BB+, with the firm's outlook maintained as "stable".
The key drivers for the upgrade were FTAI's strategic focus on “widely deployed” narrowbody CFM56 and V2500 engines, its focus on CFM56 engines, its in-house maintenance, repair, and exchange (MRE) capabilities, and its access to Parts Manufacturer Approval (PMA)-grade parts.
Additionally, Fitch said it expects the company to broaden its scope to focus on next-generation LEAP and GTF engines towards the end of this decade, as those programmes mature and coverage under OEM maintenance programmes conclude.
FTAI's upgrade was also supported by its “asset-light” shift through the launch of its “strategic capital initiative”, which provides non-recourse aircraft leasing exposure while shifting to MRE-driven growth.
Fitch has rated the company's senior secured revolver BBB- with a recovery rating of RR1, and has upgraded its senior unsecured bonds to BB+/RR4 from BB- and FTAI's preferred shares to BB-/RR6 from B/RR6.
FTAI's third-quarter results saw net income climb from $78.2 million last year to $114 million in 2025. Additionally, for the first nine months of 2025, net income was $365.6 million, swinging from a net loss of $118.8 million in the same period last year.