KBRA Affirms Seven Ratings and Downgrades Two Ratings from Three BBAM Serviced Transactions
10 May 2024 | New York
KBRA has affirmed its ratings on seven securities and downgraded its ratings on two securities issued from three aviation ABS transactions serviced by BBAM Aviation Services Limited (BBAM or the Servicer). KBRA’s analysis indicated that existing credit enhancement for the securities is sufficient to support the affirmed ratings. The downgrades of the Series A Notes and Series B Notes issued by Horizon 2019-1 are due to the transaction’s decrease in DSCR and income, as well as an increase in LTV as the notes have continued to fall behind on scheduled principal. The data used for this review is as of the April 2024 payment date report.
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