KBRA Assigns Preliminary Ratings to SLAM 2021-1 LIMITED

DUBLIN–(BUSINESS WIRE)–Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to the Series A Notes and Series B Notes issued by SLAM 2021-1 LIMITED and SLAM 2021-1 LLC, an aviation ABS transaction. This transaction is serviced by SKY Aero Management Limited and SKY Leasing, LLC.

Proceeds from the Notes will be used to acquire 16 aircraft (the “Portfolio”) on lease to six lessees located in four jurisdictions. As of April 30, 2021, the Portfolio had a remaining lease term of approximately 11.1 years and a weighted average age of 1.6 years. The Portfolio has an initial value of approximately $884.2 million, based on the average of the half-life base values provided by three third-party appraisers as of February 2021, which were adjusted for maintenance conditions as of April 2021 by the maintenance provider.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.


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