Kroll Bond Rating Agency (KBRA) has upgraded by a notch all tranches of notes issued in Global Jet Capital's (GJC) Business Jet Securities (BJETS) 2020-1 and BJETS 2021-1 transactions.
GJC said that 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" in its assessment of the transactions.
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, GJC added.
“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,” said Vivek Kaushal, chief executive of GJC, which has issued an aggregate of $3.6bn "of asset-backed security (ABS) notes collateralised by business aircraft loans and leases through its BJETS securitisation program[me]".