Global Jet Capital gets ratings upgraded

Global Jet Capital has had two securitisations ratings upgraded by the Kroll Bond Rating Agency (KBRA) following a comprehensive review.

Vivek Kaushal, CEO, Global Jet Capital told Corporate Jet Investor: “KBRA’s ratings actions reflect the result of years of hard work by the Global Jet Capital team and our strong customer base. It’s great to see the strong performance of our portfolio being recognised by the rating agencies.”

All tranches of notes issued in the Business Jet Securities (BJETS) 2020-1 and BJETS 2021-1 transactions were upgraded by one rating notch due to having received “timely interest and scheduled principal payments since the closing of such transactions”.

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.

“We are extremely pleased with the recognition from KBRA and continue to focus on delivering strong value for both our clients and our investors,” added Kaushal.

The company has issued a total of $3.6bn of asset-backed security (ABS) notes through its BJETS securitisation programme. The collateral for the notes are business aircraft loans and leases. In February, the firm hit its $3.5bn financing milestone.