KBRA Assigns Preliminary Ratings to Business Jet Securities 2024-1, LLC Secured Notes, Series 2024-1

KBRA assigns preliminary ratings to three classes of notes issued by Business Jet Securities 2024-1, LLC (BJETS 2024-1 or the Issuer), a business jet ABS transaction. BJETS 2024-1 is the seventh business jet ABS transaction sponsored and serviced by Global Jet Capital, Inc. (GJC, the Company or the Servicer). BJETS 2024-1 is collateralized by lease payments due for business jet aircraft subject to an operating lease, and payments due for loans and finance leases secured by business jet aircraft, as well as the economic ownership of each business jet aircraft subject to an operating lease. GJC will be retaining the equity in BJETS 2024-1.

As of January 31, 2024 (Cutoff Date), the portfolio consists of 31 business jet aircraft (the Portfolio), with 29 unique obligors with a weighted average age of 6.8 years, weighted average remaining term of 6.0 years, and weighted average original term of 7.8 years. At closing, the subject Portfolio has an aggregate asset value of approximately $729.9 million.

To access rating and relevant documents, click here.

Click here to view the report.



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. 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.

Doc ID: 1003794


Analytical Contacts

Preston Boutwell, Associate (Lead Analyst)

+1 646-731-2367


Alan Greenblatt, Managing Director

+1 646-731-2496


Michael Lepri, Senior Director

+1 646-731-3389


Yash Talathi, Analyst

+1 646-731-1214


Xilun Chen, Managing Director (Rating Committee Chair)

+1 646-731-2431


Business Development Contact

Arielle Smelkinson, Senior Director

+1 646-731-2369


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