Fitch rates GTLK Europe’s upcoming guaranteed notes BB+

Fitch Ratings has assigned Ireland-based GTLK Europe Capital DAC’s upcoming issue of US dollar-denominated guaranteed notes an expected ‘BB+ rating. The final rating is contingent upon the receipt of final documents conforming to information already received. The funding will be used for GTLK Europe Capital DAC to finance a special purpose entity of GTLK Europe DAC, an Irish subsidiary of Russia-based PJSC State Transport Leasing Company (STLC, BB+/Stable). GTLK Europe DAC has been established as an operating entity utilising the favourable tax and regulatory regimes of Ireland for the leasing of aircraft and ships. The notes will represent direct, unsubordinated