Fitch Ratings has assigned a Short-Term Issuer Default Rating (IDR) of 'F3' to Air Lease Corporation, along with a Short-Term debt rating of 'F3' for its newly established $2 billion commercial paper program. This rating reflects Fitch's assessment of the company's funding, liquidity, and coverage profile.
The ratings are supported by Air Lease's Long-Term IDR of 'BBB' with a Stable Outlook, which was affirmed by Fitch. The company's strong liquidity and funding profiles, including $31.6 billion of unencumbered assets as of 3Q24, underpin these favorable ratings.
Fitch noted that the commercial paper program will supplement Air Lease's existing revolving credit facility, providing additional flexibility for working capital and aircraft purchases. The ratings acknowledge Air Lease's established global franchise, young and liquid fleet, and experienced management team.
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