Fitch-rated global aircraft lessors could see negative ratings implications from a prolonged ban on conducting business with Russia and/or secondary global macroeconomic effects resulting from the conflict, said the rating agency in a market update. Fitch stated that the direct effects from expanded economic sanctions imposed upon Russia, including the European Commission’s (EC) requirement that aircraft lessors terminate existing lease agreements with Russian airlines by March 28, should not materially pressure lessors’ net margins, liquidity coverage levels or cash flows over the 12-24 month Outlook horizon. However, potential disruptions from indirect effects of the conflict on the broader aviation and

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