Kroll Bond Rating Agency assigned preliminary ratings to three classes of notes issued by Sapphire Aviation Finance I Limited.

Proceeds from the sale of the notes will be used to acquire 41 aircraft that are initially leased to 30 lessees located in 19 countries with an initial total value of approximately $962.4 million.

This transaction represents the second serviced securitization for Avolon Aerospace Leasing Limited, which is an indirect wholly owned subsidiary of Avolon Holdings Limited. AALL will act as servicer for the transaction. The company was founded in May 2010 as an aircraft leasing company focused on acquiring, managing and trading commercial aircraft on lease to passenger airlines worldwide. As of December 31, 2017, the company has an owned and committed fleet valuation of $46.5 billion with 153 customers in 64 countries.

The transaction benefits from sufficient credit enhancement and liquidity, as well as a dynamic structure that accelerates principal payments on the notes in the event of weak performance.