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Fitch Expects to Rate International Lease Finance Corp's $650MM Unsecured Notes 'BB'

Dépèche transmise le 19 décembre 2011 par Business Wire

NEW YORK--(BUSINESS WIRE)--Fitch Ratings expects to assign a rating of 'BB' to International Lease Finance Corp.'s (ILFC) $650 million senior unsecured notes issuance with expected maturity of 2022.

This rating action does not affect ILFC's existing long-term Issuer Default Rating (IDR) of ' BB' or debt ratings. The Rating Outlook for ILFC remains Stable. For further information on ILFC's existing ratings, please refer to Fitch's press release 'Fitch Affirms International Lease Finance Corp.'s IDR at 'BB'; Outlook Stable' dated Nov 4, 2011.

Fitch notes that the proposed issuance of $650 million senior unsecured notes is consistent with ILFC's overall financing plans to repay near-term maturing debt obligations and for general corporate purposes.

The notes will rank equally in right of payment with existing senior unsecured debt. Covenants are consistent with previously issued senior unsecured debt including a limitation restricting the ability of ILFC to incur liens to secure indebtedness in excess of 12.5% of ILFC's consolidated net tangible assets.

ILFC is a market leader in the leasing and remarketing of commercial jet aircraft to airlines around the world. As of Sept 30, 2011, ILFC owned an aircraft portfolio with a net book value of approximately $36 billion, consisting of 934 jet aircraft.

Fitch expects to assign the following rating to ILFC:

--$650 million senior unsecured notes 'BB'.

Fitch currently rates ILFC and its related subsidiaries as follows:

International Lease Finance Corp.

--Long-term IDR 'BB'; Outlook Stable;

--$3.9 billion senior secured notes 'BBB-';

--$750 million senior secured term loan 'BBB-';

--Senior unsecured debt 'BB';

--Preferred stock 'B'.

Delos Aircraft Inc.

--Senior secured debt 'BB'.

ILFC E-Capital Trust I

--Preferred stock 'B'.

ILFC E-Capital Trust II

--Preferred stock 'B'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 16, 2011);

--'Finance and Leasing Companies Criteria' (Dec. 12, 2011).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171

Finance and Leasing Companies Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=659834

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Business Wire

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