Executive Summary
This document describes KBRA’s general rating methodology as it pertains to recourse secured debt instruments backed by aircraft, aircraft parts or engines, or other aviation assets (collectively, “aviation assets”) issued by airlines, aircraft lessors or other entities that own or finance such assets. The rating of airlines and aircraft-leasing companies are covered by KBRA’s Airline Global Rating Methodology, and Finance Company Global Rating Methodology respectively; the rating of other transportation companies and their suppliers are covered by KBRA’s General Corporate Global Rating Methodology. Non-recourse or asset-backed securities (“ABS”) backed by aircraft are covered in a separate methodology, the