KBRA assigns preliminary ratings to SALT 2021-1 Trust
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five categories of notes issued by SALT 2021-1 Trust, an ABS aviation loan transaction.
SALT 2021-1 will be served by Bellinger Loan Management Pte. Limited, a subsidiary of Bellinger Asset Management Pty Limited and Bellinger Aviation Pte. Ltd., and with respect to a limited number of loan facilities, SP Novo Holdings I LP, a limited partnership which is part of the Stonepeak Aviation Platform (collectively, the “Services”). The transaction represents the Servicers’ first Aviation ABS loan transaction. Certain entities forming part of the Stonepeak aeronautical platform will retain the capital of the Issuer for the duration of the transaction.
The transaction will be secured by interest in 26 loan facilities (the “Facilities”) consisting of 116 loans to 15 debtors. In addition, 25 of the installations are guaranteed by 156 aircraft leased to 45 tenants located in 29 jurisdictions and the other installation is not guaranteed by any guarantee.
Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an upgrade or downgrade, and ESG factors (when they are a key factor in changing the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of the relevant key rating assumptions, if any) used to determine the credit rating is available in the information disclosure form (s) located here.
Information on the meaning of each rating category can be located here.
Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures can be found at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.