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KBRA Assigns a Preliminary Rating to AASET MT-1 Limited, Series 2025-2 Notes

11 Jun 2025   |   New York

Contacts

KBRA assigns a preliminary rating to AASET MT-1 Limited and AASET MT-1 LLC (together, AASET MT-1 or the Issuer), Series 2025-2, an aviation ABS transaction. The issuance of the Series A-2 Notes and Series B-2 Notes (together, the Series 2025-2 Notes) represents the Issuer’s second issuance from AASET MT-1 following the issuance of the Series A-1 Notes and Series B-1 Notes (together, the Series 2025-1 Notes), which closed on February 7, 2025. In conjunction with the issuance of the Series 2025-2 Notes, KBRA anticipates affirming the rating on the Issuer’s outstanding Series A-1 Notes.

Proceeds from the Series 2025-1 Notes facilitated the acquisition of 23 aircraft (the 2025-1 Aircraft) identified at the time of the closing of the Series 2025-1 Notes (see KBRA’s AASET MT-1, Series 2025-1 (f/k/a AASET 2025-1 Limited) New Issue Report for further information). The Series 2025-2 Notes will facilitate the acquisition of 23 additional aircraft (the 2025-2 Aircraft) to be acquired within 270 days following the closing date of the Series 2025-2 Notes. The cumulative acquisitions are hereafter referred to as the Portfolio and will include 46 assets; consisting of 43 narrowbody aircraft and three widebody aircraft on lease (or expected to be on lease to) to 26 lessees located in 18 jurisdictions. As of May 31, 2025 (the Cutoff Date), the weighted average age of the Portfolio is approximately 8.8 years, and the weighted average remaining term of the initial lease contracts is approximately 5.6 years. As of the Cutoff Date, the Portfolio has a value of approximately $1.3 billion.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1009873

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