STAMFORD – Fitch Ratings has upgraded the corporate rating of Phoenix Aviation Capital, a full-service aircraft lessor managed by alternative investment manager AIP Capital, to B+ from B.
The alternative investment manager focuses on opportunities in asset-based finance and a portfolio company of funds advised or controlled by affiliates of BC Partners Advisors L.P.
Fitch also issued a rating outlook of stable for Phoenix’s outstanding debt.
Additionally, Fitch upgraded its rating of Phoenix’s senior unsecured notes to B+ from B with a recovery rating of RR4 and Phoenix’s secured Term Loan B (TLB) to BB from BB- with a recovery rating of RR2.
“We are pleased to announce the rating revision Phoenix received from Fitch,” said Jared Ailstock, Managing Partner at AIP Capital. “This achievement reflects the strength and execution of the Phoenix strategy of growing and diversifying its portfolio of in-demand, next-generation aircraft, while also expanding and its lending group and availability of debt capital.”
Over the past two years, since its formation in April 2024, Phoenix has grown its fleet to 30 aircraft with a net book value (NBV) of $1.6 billion as of March 31, while expanding and diversifying its lessee customer, keeping a focus on next-generation aircraft. Phoenix has also raised over $2.5 billion of debt capital across several loan facilities and capital markets issuances.
Phoenix Aviation Capital is a full-service aircraft lessor focused on financing modern, in-demand aircraft and is dedicated to meeting the financing needs of its airline customers across the globe.
