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KBRA Assigns Preliminary Ratings to SALT 2021-1 Trust

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by SALT 2021-1 Trust, an aviation ABS loan transaction.

SALT 2021-1 will be serviced by Bellinger Loan Management Pte. Limited, an affiliate of Bellinger Asset Management Pty Limited and Bellinger Aviation Pte. Ltd, and in respect of a limited number of loan facilities, SP Novo Holdings I LP, a limited partnership that forms part of the Stonepeak aviation platform (collectively, the “Servicers”). The transaction represents the Servicers’ inaugural aviation ABS loan transaction. Certain entities forming part of the Stonepeak aviation platform will retain equity in the Issuer throughout the term of the transaction.

The transaction will be secured by interests in 26 loan facilities (the “Facilities”) comprised of 116 loans to 15 obligors. In addition, 25 of the Facilities are secured by 156 aircraft on lease to 45 lessees located in 29 jurisdictions and the other Facility is not secured by any collateral.

Click here to view the report. To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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