Fitch Ratings has affirmed and withdrawn Global Aircraft Leasing’s (GALC) BB long-term issuer default rating (IDR) and its BB- expected rating assigned to its proposed $1.95bn issuance of senior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Fitch has also affirmed and withdrawn the IDR of 'BB' assigned to GALC as its ratings are credit-linked to the senior secured PIK issuance.
Prior to the withdrawal, the rating outlook on GALC's IDR was stable.
GALC is an indirect, wholly owned subsidiary of Bohai Leasing. It is also the holder of 70% of the outstanding ordinary shares of Avolon.
Fitch withdraws Global Aircraft Leasing's ratings
