Avolon reports Q2 results; announces management changes

Avolon, the international aircraft leasing company, has reported a slight fall in lease revenue for the second quarter (Q2) of 2021 to $610 million from $625 million in the prior-year period, registering a net income of $64 million compared to a $72 million prior-year loss. Rating agencies Moody’s and Fitch improved Avolon’s credit outlook to Stable in the quarter. Avolon’s total available liquidity remained relatively stable at $6.6 billion at end of Q2, including $1.8 billion of unrestricted cash and $4.8 billion of undrawn debt facilities. The leasing company ended the quarter with a secured debt to total assets ratio