Kroll Bond Rating Agency (KBRA) upgraded the rating on aircraft leasing company Avolon’s senior unsecured notes to BBB+.

KBRA has upgraded its issue-level rating on all outstanding senior unsecured notes issued by Avolon’s wholly owned subsidiaries, Avolon Holdings Funding Limited and Park Aerospace Holdings Limited, from BBB to BBB+ with a stable outlook.

KBRA maintains its BBB+ investment grade issuer rating on Avolon, with a stable outlook.

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. It is the world’s third largest aircraft leasing business with an owned, managed and committed fleet of 923 aircraft, as of June 30, 2019.