Passenger aircraft leasing company Avation PLC’s (LON:AVAP) credit rating has been upgraded by agency S&P Global Ratings.
In a research update published on the London main market-listed company, S&P upgraded its issuer default rating to BB- with a “stable” outlook.
The credit rating agency also raised the issue rating for $350mln of 2021-maturing bonds issued by Singapore-based Avation's wholly owned subsidiary, Avation Capital, from B+ to BB-.