SMBC Aviation Capital’s credit ratings have been upgraded to ‘A-’ from ‘BBB+’ by Fitch Ratings (Fitch).
The upgrade reflects Fitch’s recognition of SMBC Aviation Capital’s proven track record of profitability and integrated strategy with its majority shareholder Sumitomo Mitsui Financial Group (SMFG), in its five years of ownership, says the lessor in a press release.
Fitch also highlighted the quality of SMBC Aviation Capital’s aircraft fleet, being comprised of young, in-demand, fuel-efficient narrow body aircraft, the Company’s ability and discipline to execute aircraft sales through various market environments and its direct order book, which will transition its portfolio to new technologies, as key credit strengths, SMBC Aviation Capital added.
Commenting, Barry Flannery, CFO of SMBC Aviation Capital, said: “This upgrade from Fitch, which affirms our position as one of the highest rated lessors in the industry, is another endorsement of the strength of our operations, assets and people as we continue to grow our platform around the world. This, combined with the ongoing support of our shareholders and our successful debut bond issue last year, gives us stronger foundations than ever before from which to further develop and expand our business.”
SMBC Aviation Capital is also rated BBB+ by Standard & Poor’s.Date: May 11, 2017