KBRA Assigns Preliminary Ratings to Business Jet Securities 2022-1, LLC Secured Notes, Series 2022-1

KBRA assigns preliminary ratings to three classes of notes issued by Business Jet Securities 2022-1, LLC. The Notes are newly issued asset-backed securities secured by payments due under the lease of, and loans secured by, business jet aircraft and the economic ownership of each business aircraft subject to an operating lease and terms of the fixed rate notes as of May 2, 2022.

As of March 31, 2022, the Aggregate Asset Value is approximately $754.1 million. The portfolio consists of 48 assets to 37 obligors. The average asset value is approximately $15.7 million and the weighted average remaining term is approximately 66 months with further detail regarding contract terminations provided below. Approximately 74.3% of the portfolio by asset value are operating leases, while 13.9% are finance leases and 11.8% are loans.

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Related Publications

• Global General Rating Methodology for Asset-Backed Securities
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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