On April 10, 2019, Avolon Holdings Funding Ltd., a wholly-owned subsidiary of aircraft operating lessor Avolon Holdings Ltd., announced a proposed unsecured debt issuance that would, if successful, result in secured debt as a percentage of total assets declining to around 30%. This level is similar to other 'BBB-' rated aircraft operating lessors. We are placing our 'BB+' issuer credit rating on Avolon Holdings Ltd. and our issue-level 'BB+' unsecured debt ratings on Avolon Holdings Funding Ltd. and Park Aerospace Holdings Ltd. on CreditWatch with positive implications. We are not taking a rating action on Avolon subsidiaries Avolon TLB Borrower 1 (US) LLC's and Avolon TLB Borrower 1 (Luxembourg) S.À R.L's 'BBB-' rated secured debt because we typically do not
