S&P Global Ratings upgraded AerCap Holdings NV's issuer credit rating to BBB from BBB-, and Moody's affirmed its long-term issuer rating of Baa3.
Ratings has a stable outlook on the aircraft lessor, while Moody's outlook is positive.
Ratings said its upgrade was due in part to a lower leverage target of 2.7x, which is below the current 2.8x level and well below the company's peak of about 3.4x in December 2014. It noted AerCap's credit metrics are not as strong as its peer, Air Lease Corp., but they are in line with aircraft operating lessors rated at BBB-.
Moody's affirmed AerCap's ratings due to its "strong operating performance and effective liquidity and fleet risk management." It noted these factors have solidified the company's leading market position in commercial aircraft leasing.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
