Standard & Poor’s Global Ratings placed the notes issued in two of Global Jet Capital’s asset-backed security transactions on CreditWatch with positive implications.

S&P specifically assigned CreditWatch with positive implications to all tranches of notes in the BJETS 2020-1 and BJETS 2021-1 issuances. Global Jet Capital originated and services the securitized loans and leases.

According to S&P, it assigned CreditWatch with positive implications to these notes due to, among other things, the portfolios’ stable performance since the closing of the transactions and improvements in credit enhancements at the notes’ current rating levels resulting from faster-than-scheduled principal repayments.

“We believe these ratings reflect the strong performance of Global Jet Capital’s highly diversified portfolio and the importance of business aviation for our client base,” Vivek Kaushal, CEO of Global Jet Capital, said. “We are grateful to our investors and rating agencies for recognizing and rewarding this performance.”

Global Jet Capital has issued an aggregate of $3.6 billion of ABS notes collateralized by business aircraft loans and leases through its BJETS securitization program. The company is a programmatic issuer in the ABS market, having completed six transactions since its inaugural issuance in 2018. Global Capital awarded BJETS 2020-1, the first aviation ABS to come to market following the start of the COVID-19 pandemic, ABS Deal of The Year in its 2021 U.S. Securitization Awards.