ILFC cut to junk by Fitch Ratings – Suppliers Share Wrap

ILFC, the world's second largest leasing company, has been downgraded to junk status by Fitch Ratings, with the ratings agency disconnecting the leasing unit from its rating for parent, AIG. ILFC's issuer default rating was lowered three levels to 'BB', two notches below investment grade. Fitch is the third of the three major US ratings agencies to lower the leasing unit's status, following cuts by Standard and Poor's and Moody's Investors Service recently.