S&P Global Ratings places Global Jet Capital securitizations on positive CreditWatch

Standard & Poor’s Global Ratings placed two notes of Global Jet Capital’s asset-backed security (ABS) transactions on CreditWatch with positive implications. S&P assigned CreditWatch with positive implications to all the tranches of notes in the BJETS 2020-1 and BJETS 2021-1 issuances. Global Jet Capital is a global leader in financial solutions for business aircraft, originated and serviced the securitized loans and leases.

According to S&P, it had assigned CreditWatch with positive implications to these notes due to the stable performance of the portfolio. Since the closing of such transactions and improvements in the credit enhancements at the notes’ current rating levels resulted from faster-than-scheduled principal repayments.

“We believe these ratings reflect the strong performance of Global Jet Capital’s highly diversified portfolio and the importance of business aviation for our client base,” CEO Vivek Kuashal said. “We are grateful to our investors and rating agencies for recognizing and rewarding this performance.”

Global Jet has issued an aggregate of $3.6 billion of ABS notes collateralized by business aircraft loans and leases through its BJETS securitization program. The company is a programmatic issuer in the ABS market. It has completed six transactions since its inaugural issuance in 2018. Global Capital awarded BJETS 2020-1, the first aviation ABS to join the market after the pandemic, “ABS Deal of the Year” in its 2021 U.S. Securitization Awards.