KBRA Assigns Preliminary Ratings to MAPS 2019-1 Limited

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of notes (the “Notes”) issued by MAPS 2019-1 Limited.

This transaction represents the inaugural serviced securitization for
Merx Aviation Servicing Limited (the “Servicer”) who is an indirect
wholly owned subsidiary of Merx Aviation Finance, LLC (“Merx” or the
“Company”).

Proceeds from the sale of the Notes will be used to acquire or
refinance, as applicable, 19 aircraft on lease to 13 lessees located in
8 countries (and one off-lease aircraft) with initial value of
approximately $516.9 million. A portion of the Note proceeds will be
used to refinance the RISE Ltd. aircraft ABS transaction (“RISE”) that
closed in February 2014. The RISE transaction was initially issued and
serviced by GECAS with Merx as an equity investor. Over the past year,
Merx replaced GECAS as servicer of RISE. Of the 19 aircraft in the MAPS
2019 1 Portfolio, 18 are currently owned by subsidiaries of the Issuers
as part of the RISE securitization. The other asset is currently owned
and serviced by Merx and will be acquired by the Issuers. KBRA notes
that RISE Ltd. was renamed to MAPS 2019-1 Limited.

The transaction benefits from sufficient credit enhancement and
liquidity, as well as a dynamic structure that accelerates principal
payments on the Notes in the event of weak performance.

KBRA analyzed the transaction using the Global Aviation ABS Methodology
published on November 28, 2017.

To access ratings, reports and disclosures, click here.

 
Notes     Preliminary Rating     Initial Note Amount
Series A Notes     A (sf)     $325,675,000
Series B Notes     BBB (sf)     $72,372,000
Series C Notes     BB (sf)     $31,017,000

Related Publications: (available
at www.kbra.com)

CONNECT WITH KBRA
Twitter
LinkedIn
Download
the iOS App

YouTube

About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus, is recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

Contacts

Analytical Contacts:
Alan
Greenblatt, Director
(646) 731-2496
agreenblatt@kbra.com

Caitlin
Colvin, Senior Director
(646) 731-2465
ccolvin@kbra.com

Chris
Baffa, Associate Director
(646) 731-3312
cbaffa@kbra.com

Danise
Chui, CFA, Director
(646) 731-2406
dchui@kbra.com

error: Content is protected !!