Avolon Holdings Limited (“Avolon” or “the company”) is a Dublin-based global aircraft leasing company founded in 2010, owned 70% by Bohai Leasing Co., Ltd (“Bohai”), a China-listed leasing company, and 30% by ORIX Corporation (“ORIX”), a Japanese financial services company, through its subsidiary, ORIX Aviation Systems Limited (“ORIX Aviation”).
As of December 31, 2025 (YE25), Avolon had a fleet of 632 commercial aircraft (596 owned and 36 managed) and $34 billion in total assets, in addition to 500 aircraft on order for delivery through 2033.
Key Credit Considerations
The rating upgrade to A- from BBB+ reflects Avolon’s strengthened market position following the Castlelake Aviation Ltd. (“CAL”) acquisition and growth of its orderbook, supporting future growth and fleet quality. The upgrade also reflects an increased percentage of unsecured funding, and the reduction in pandemic-related deferrals and receivables. The upgrade further…
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