KBRA Publishes One Sky Flight LLC’s 2021-1 EETC Ratings
31 Jan 2024 | New York
KBRA publishes the A, BBB- and BB- ratings on One Sky Flight LLC’s 2021-1 Enhanced Equipment Trust Class A Loans, Class B Certificates and Class C Certificates (“the Securities”), respectively, which are guaranteed by One Sky Flight LLC (OneSky or the Company), a leading provider of private aviation services, based in Cleveland, Ohio. The Outlook of the ratings is Stable. KBRA initially assigned A, BBB- and BB- unpublished ratings on One Sky Flight LLC’s 2021-1 Enhanced Equipment Trust Class A Loans, Class B Certificates and Class C Certificates, respectively, on December 15, 2021, with Stable Outlooks and most recently affirmed the unpublished ratings on December 15, 2023, with Stable Outlooks.
The ratings for the Securities reflect KBRA’s expected loss analysis and our view of the aircraft collateral pool as strategically important to OneSky as well as KBRA’s view of the Company as having an appropriate credit profile to support the transaction’s ratings. The ratings are supported by a strong collateral pool of 87 good-quality business jets, diversified across models and sizes, which are strategically important to OneSky given that they represent a significant majority of OneSky’s fully-owned aircraft and a significant portion of its total operated fleet, which supports a high likelihood of affirmation of the transaction in the event of a bankruptcy or restructuring of OneSky. The ratings consider the priority of payments for the senior Loans and subordinated certificates, the loan-to-value of each Security, and the payment-in-kind (“PIK”) feature for up to 18 months of interest payments on all Securities Classes as well as the structural protections of the EETC structure available to the Securities holders.
To access rating and relevant documents, click here.
Click here to view the report.