Fitch Expects to Rate AerCap's Senior Unsecured Notes 'BBB-'

Fitch Ratings expects to assign a 'BBB-' rating to AerCap Aviation Solutions B.V.'s (the issuer) proposed $300 million senior notes due 2017. The issuer is a wholly-owned subsidiary of AerCap Holdings N.V. (AerCap), which carries a 'BBB-' long-term Issuer Default Rating (IDR) from Fitch. The proposed notes will be fully and unconditionally guaranteed on a senior unsecured basis by AerCap.

In Fitch's view, the limited amount of unsecured debt in AerCap's capital structure creates increased risks for the company's unsecured creditors. In a bankruptcy situation, AerCap's unsecured debtholders would rely primarily on the residuals of its encumbered aircraft after secured creditors are repaid. Nevertheless, Fitch expects to equalize the unsecured rating with the IDR in light of AerCap's moderate leverage and attractive fleet. Should either of these deteriorate, the unsecured rating would be notched down from the IDR.

Fitch expects to assign the following rating:

AerCap Aviation Solutions B.V.

--Proposed $300 million senior notes due 2017 'BBB-'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 16, 2011);

--'Finance and Leasing Companies Criteria' (Dec. 12, 2011).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171

Finance and Leasing Companies Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=659834

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Contacts:

Fitch Ratings
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