Fly Leasing downgraded by Moody’s

Moody’s has downgraded its Fly Leasing long-term senior unsecured rating to B3 from B1. The senior secured bank credit facility rating for Fly Funding II was also downgraded to Ba3 from Ba2. The outlook is negative. “Fly does have substantial unencumbered assets and cash to address its $325m senior unsecured notes maturing in October of next year but anticipated decline in earnings and cash flow will further pressure its already levered financial risk profile,” said Inna Bodeck, a vice president at Moody’s Investors Service.