KBRA awards preliminary ratings to SALT 2021-1 Trust

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five categories of notes issued by SALT 2021-1 Trust, an aviation ABS lending operation.

SALT 2021-1 will be managed by Bellinger Loan Management Pte. Limited, a subsidiary of Bellinger Asset Management Pty Limited and Bellinger Aviation Pte. Ltd, and in respect of a limited number of loan facilities, SP Novo Holdings I LP, a limited partnership which is part of the Stonepeak aerospace platform (collectively, the “Servicers”). The transaction represents Servicers’ first aviation ABS loan transaction. Certain entities forming part of the Stonepeak aerospace platform will retain shares in the Issuer throughout the duration of the transaction.

The transaction will be secured by interests in 26 loan facilities (the “Facilities”) consisting of 116 loans to 15 obligors. In addition, 25 of the facilities are secured by 156 aircraft leased to 45 lessees located in 29 jurisdictions and the other facility is unsecured by any warranty.

Click on here to view the report. To access relevant notes and documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyzes that consider factors that may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information on the methodology(ies) (including all significant models and sensitivity analyzes of key relevant rating assumptions, if any) used to determine the credit rating are available. in the information disclosure form(s) located here.

Information on the meaning of each rating category can be found here.

Additional information relating to this rating metric is available in the information disclosure form(s) referenced above. Additional information regarding KBRA’s policies, methodologies, grading scales and disclosures is available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a rating agency with the UK Financial Conduct Authority under the temporary registration scheme. In addition, KBRA is designated as the Designated Rating Agency by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.

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