Kroll Bond Rating Agency assigned preliminary ratings to three classes of loans issued by Castlelake Aircraft Securitization Trust 2016-1.

Proceeds from the sale of the loans will be used to purchase a fleet of 52 aircraft and one aircraft engine. The aircraft and engine in the portfolio are initially leased to 20 lessees located in 17 countries with an initial total value of approximately $1.12 billion.

This transaction represents the third securitization for Castlelake, which was founded in 2005 with a focus on mid-life and end-of-life aviation assets. In total, the company has approximately $7.6 billion in assets under management, of which approximately $2.5 billion has been deployed within the aviation sector. As of March 31, 2016, Castlelake has a team of 32 individuals focused on aviation finance with an owned or managed fleet consisting of 238 aircraft.