Standard & Poor's confirmed it is continuing to review ILFC for downgrade from its current 'BBB' rating, due to concerns that plans for the unit by its parent, American International Group, have "become less clear cut" (Reuters, 01-Sep-2009). The rating agency believes AIG is assessing several options, including a break-up of the company. More risk is also present due to the potential of senior management, led by CEO Steven Udvar-Hazy, to leave the company to establish their own firm. ILFC has been for sale since late 2008.
ILFC rating under review for downgrade - S&P
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The USD10 billion deal will create the world’s third largest lessor - and they may be more to come yet.
Avolon itself was only recently acquired by HNA Group, with the USD2.7 billion purchase agreement being finalised in Jan-2016, via Bohai Capital Holdings.
Avolon is now the core aircraft leasing brand for the HNA Group. Including assets from Hong Kong Aviation Capital, Bohai Capital and several smaller HNA Group leasing firms, Avolon has a fleet of nearly 250 aircraft and almost 200 more on order.
Iran CAPA Aviation Summit – hope turns to frustration, but optimism remains as growth abounds
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While it was acknowledged that progress on major deals was not going to happen overnight, the hope was that as layers of sanctions came down, Iran would be embraced by the rest of the world. In return, Iran was expected to open itself up progressively to foreign trade and investment, and to travel.
The road ahead was perceived to be one that was both a very different, and far easier, one than the one Iran had already travelled. Aviation in particular was a sector that was expected to shine and lead the way for a new era for the country.