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KBRA Assigns a Preliminary Rating to AASET MT-1 Limited, Series 2025-3 Notes

12 Nov 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 2025-3, an aviation ABS transaction. The issuance of the Series A-3 Notes and Series B-3 Notes (together, the Series 2025-3 Notes) represents the Issuer’s third 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) and Series A-2 Notes and Series B-2 Notes (together, the Series 2025-2 Notes), which closed on February 7, 2025 and June 30, 2025 respectively. In conjunction with the issuance of the Series 2025-3 Notes, KBRA anticipates affirming the rating on the Issuer’s outstanding Series A-1 and Series A-2 Notes.

Proceeds from the Series 2025-1 Notes and Series 2025-2 each facilitated the acquisition of 23 aircraft (the 2025-1 and 2025-2 Aircraft) identified at the time of the closing of the Series 2025-1 and Series 2025-2 Notes (see KBRA’s AASET MT-1, Series 2025-1 New Issue Report and AASET MT-1, Series 2025-2 New Issue Report for further information). As of October 2025, all of the 2025-1 and 2025-2 Aircraft have been novated into the transaction. The Series 2025-3 Notes will be used to acquire a portfolio of 23 additional aircraft (the 2025-3 Aircraft); all narrowbody aircraft on lease to 12 lessees located in 11 jurisdictions to be acquired within 270 days following the closing date of the Series 2025-3 Notes. The cumulative acquisitions are hereafter referred to as the Portfolio and will include 69 assets; consisting of 66 narrowbody aircraft and three widebody aircraft on lease (or expected to be on lease to) to 28 lessees located in 19 jurisdictions. As of October 31, 2025 (the Cutoff Date), the weighted average age of the Portfolio is approximately 8.1 years, and the weighted average remaining term of the initial lease contracts is approximately 5.8 years. The Portfolio has an initial value of approximately $2.0 billion

To access ratings and relevant documents, click here.

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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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