On March 25, 2021, KBRA affirmed the A- issuer and senior unsecured debt ratings for Aviation Capital Group (ACG). The Outlook on the ratings is Negative. KBRA stated that ACG’s ratings reflect the company’s long track record of stable profitability, strong market position, experienced management team, well-diversified customer base, focus on liquid, young aircraft, prudent risk management, and a conservative debt-to-tangible equity leverage at 2.0x (net debt-to-tangible common equity at 1.8x) as of December 31, 2020. These strengths are balanced by weakened profitability metrics as a result of increased off-lease aircraft (10% of net book value as of December 31,

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