Fitch Expects to Rate Aircastle’s Preference Shares ‘BB+(EXP)’

Fitch Ratings has assigned an expected rating of ‘BB+(EXP)’ to Aircastle Limited’s (Aircastle) proposed issuance of up to $400 million of fixed-rate reset perpetual cumulative preference shares. The preference shares represent unsecured obligations, ranking junior to and subordinated in right of payment to Aircastle’s current and future senior indebtedness. Distributions on the preference shares are cumulative. Unless distributions have been declared and paid on the preference shares, Aircastle may not declare or pay distributions on its common shares except under certain circumstances. The preference shares are perpetual and the proceeds from the issuance will be used for general corporate purposes.