AerCap leases 747 freighter to MyCargo Airlines

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Operating lessor AerCap has placed a Boeing 747-400SF aircraft that was financed through Genesis Funding series 2006-1 notes under an operating lease agreement with Turkey’s MyCargo Airlines.

The 1991-vintage aircraft was on lease to Air China Cargo, according to Flightglobal’s Ascend Online database.

The lessor’s Irish subsidiary, AerCap Ireland, acted as the servicer in the transaction.

Rating agency Moody’s says the lease will not result in a reduction, withdrawal, or placement under review for possible downgrade of the ratings currently assigned to the series 2006-1 notes issued by Genesis Funding.

However the rating agency highlights that the lease results in a single country concentration limit exceeding the 15% limit. It says that approximately 18.6% based on the assumed average appraised value and approximately 19.3% based on the most recent average appraised value is in Turkey.

Genesis Lease issued $810 million of aircraft lease-backed Class G-1 notes as part of a securitization transaction in December 2006, through its subsidiary, Genesis Funding. The lessor merged with AerCap in 2009.