Fitch Ratings has affirmed Air Lease Corporation's Long-Term Issuer Default Rating (IDR) at 'BBB' and its Short-Term IDR at 'F3', maintaining a Stable Outlook on the Long-Term IDR. The senior unsecured debt was also affirmed at 'BBB', and preferred shares at 'BB+'.
The affirmation reflects Air Lease's highly liquid portfolio of Tier 1 aircraft, solid asset quality performance, and a predominantly unsecured funding profile with a meaningful unencumbered asset base. As of March 31, 2025, the company's liquidity coverage ratio, as calculated by Fitch, stood at 2.0x.
Fitch noted that Air Lease's gross debt to tangible equity ratio was 2.6x at Q1 2025, closely tracking its stated target of 2.5x. The rating agency also considered the planned retirement of Executive Chairman Steven Udvar-Hazy as neutral to the rating, citing the strength of the remaining executive team.
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