Kroll Bond Rating Agency assigned preliminary ratings to two classes of notes issued by Castlelake Aircraft Structured Trust 2021-1, an aviation ABS transaction. This transaction represents Castlelake’s seventh aircraft portfolio transaction, each of which were rated by KBRA.

Proceeds from the notes are being used to acquire 27 aircraft and the related leases. There are 11 underlying obligors on the leases, which are located in 10 jurisdictions. As of Dec. 31, 2020, the initial weighted average aircraft age of the portfolio is approximately 9.3 years, with a weighted average remaining lease term of approximately 7.8 years.