NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of notes (the “Notes”) issued by MAPS 2019-1 Limited.
This transaction represents the inaugural serviced securitization for
Merx Aviation Servicing Limited (the “Servicer”) who is an indirect
wholly owned subsidiary of Merx Aviation Finance, LLC (“Merx” or the
Proceeds from the sale of the Notes will be used to acquire or
refinance, as applicable, 19 aircraft on lease to 13 lessees located in
8 countries (and one off-lease aircraft) with initial value of
approximately $516.9 million. A portion of the Note proceeds will be
used to refinance the RISE Ltd. aircraft ABS transaction (“RISE”) that
closed in February 2014. The RISE transaction was initially issued and
serviced by GECAS with Merx as an equity investor. Over the past year,
Merx replaced GECAS as servicer of RISE. Of the 19 aircraft in the MAPS
2019 1 Portfolio, 18 are currently owned by subsidiaries of the Issuers
as part of the RISE securitization. The other asset is currently owned
and serviced by Merx and will be acquired by the Issuers. KBRA notes
that RISE Ltd. was renamed to MAPS 2019-1 Limited.
The transaction benefits from sufficient credit enhancement and
liquidity, as well as a dynamic structure that accelerates principal
payments on the Notes in the event of weak performance.
KBRA analyzed the transaction using the Global Aviation ABS Methodology
published on November 28, 2017.
To access ratings, reports and disclosures, click here.
|Notes||Preliminary Rating||Initial Note Amount|
|Series A Notes||A (sf)||$325,675,000|
|Series B Notes||BBB (sf)||$72,372,000|
|Series C Notes||BB (sf)||$31,017,000|
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registered with ESMA as a CRA.
Colvin, Senior Director
Baffa, Associate Director
Chui, CFA, Director