NEW YORK (S&P Global Ratings) Feb. 2, 2021--S&P Global Ratings said today that Avolon Holdings Ltd.'s (BBB-/Negative/--) ratings and outlook are not affected by parent HNA Group Co. Ltd.'s Jan. 29, 2021 filing for bankruptcy reorganization in China. We do not envision a scenario where parent HNA's reorganization would affect Avolon's debt holders, given Avolon's governance structure limits HNA's influence on the company. Also, while Avolon is more exposed than most aircraft leasing companies to HNA's owned airlines, we believe the company's still-diverse customer mix and strong liquidity should somewhat limit credit risk. Aircraft lessor Avolon Holdings Inc. is 70% owned by Bohai Leasing Co. Ltd., which is a publicly traded company with a 46% stake held by HNA. The
