Press Release|ABS
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KBRA Affirms Two Ratings and Upgrades Four Ratings on Two Merx Serviced Aviation ABS Transactions

14 Mar 2025   |   New York

Contacts

KBRA affirms its ratings on two securities and upgrades its ratings on four securities issued from two aviation ABS transactions serviced by Merx Aviation Servicing Limited. KBRA’s analysis indicated that existing credit enhancement for the securities is sufficient to support the affirmed and upgraded ratings. The upgraded ratings of the Series A Notes, Series B Notes, and Series C Notes for MAPS 2018-1 and of the Series A Notes for MAPS 2019-1 reflect improved performance whereby the related securities have been deleveraging and/or been receiving full scheduled principal after falling behind in prior periods owing to performance issues in the wake of the pandemic. The data used for this review is as of the February 2025 payment date report.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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