ACG's private placement of unsecured notes rated 'BBB-'

By:  
London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Aviation Capital Group's privately placed $212 million and $28 million unsecured notes were rated "BBB-" by Standard & Poor's.

The $212 million notes priced at 6% and are due in 2018, while the $200 million notes priced at 6.8% and expire in 2023.

The issues are rated one notch below the "BBB" corporate credit rating because of the "large percentage of secured debt in ACG's capital structure (with secured debt and securitisations equal to about 43% of its total assets as of 31 December 2011)," says the ratings agency.