Press Release|Financial Institutions
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KBRA Affirms OneSky Flight LLC’s 2021-1 EETC Ratings

29 Apr 2026   |   New York

Contacts

KBRA affirms the A, BBB and BB ratings for OneSky Flight LLC’s 2021-1 Enhanced Equipment Trust Class A Loans, Class B Certificates and Class C Certificates (“the Securities”), respectively. The Securities are guaranteed by OneSky Flight LLC (OneSky or the company), a leading provider of private aviation services, based in Cleveland, Ohio. The Outlook of the ratings is Stable.

Key Credit Considerations

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 72 good-quality business jets as of March 31, 2026, diversified across models and sizes, which are viewed as strategically important to OneSky given that they represent a significant portion OneSky’s fully-owned aircraft fleet and 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 (LTV) 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 structural protections of the EETC structure and benefits from section 1110 of the US Bankruptcy Code available to the Securities holders. The ratings also reflect the potential volatility and illiquidity of business jet aircraft collateral in a market downturn.

Rating Sensitivities

A ratings upgrade in the near future is not expected. The Stable Outlook could be revised to a Negative Outlook or the ratings could be downgraded if private aviation flight demand declines significantly and leads to significant increases in transaction LTV ratios and/or if OneSky’s credit profile deteriorates significantly such that the likelihood of collateral pool affirmation and OneSky operating as a going concern, in KBRA’s view, significantly declines. In addition, a decrease in the collateral pool’s strategic importance to OneSky’s operations, in KBRA’s view, could lead to a downgrade.

To access ratings and relevant documents, click here.

Methodology

Disclosures

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.

Doc ID: 1014682