KBRA assigns a preliminary rating to AASET 2024-1 Trust, Class A-2 Notes. The Class A-2 Notes represent the Issuer’s second issuance from AASET 2024-1 following the issuance of the AASET 2024-1, Class A-1 Notes, which closed on June 17, 2024. In conjunction with the issuance of the Class A-2 Notes, KBRA anticipates affirming the rating on the Issuer’s outstanding Class A-1 Notes. The ratings are consistent with the results of our cash flow analysis following the addition of the Class A-2 Notes.

Proceeds from the Class A-1 Notes will facilitate the acquisition of 12 aircraft identified at the time of the closing of the Class A-1 Notes on June 17, 2024 (see KBRA’s AASET 2024-1 New Issue Report for further information). The Class A-2 Notes will facilitate the acquisition of eight additional aircraft. The cumulative Portfolio will include 20 assets; consisting of 17 narrowbody aircraft (71.8% by value) and three widebody aircraft (28.2% by value) on lease (or expected to be on lease to) to 14 lessees located in 12 jurisdictions.

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Related Publication

• AASET 2024-1 Trust New Issue Report

Methodologies

• ABS: Aviation ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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. 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.

Doc ID: 1004893

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