Aircraft lessor Griffin Global Asset Management Holdings Ltd. (GGAM) has continued to grow its fleet while improving its capital structure by unencumbering its asset base. We expect GGAM to continue its strategic growth plan, with profitability gradually improving in the next few years, supported by favorable supply-demand dynamics, gains on asset sales, and lower financing cost. We raised our issuer credit rating on GGAM and our issue-level rating on its senior unsecured notes to ?BB? from ?BB-?. The recovery rating is unchanged at ?3?. The stable outlook reflects our expectation that GGAM will continue to expand its fleet and improve profitability over the next several years such that it sustains EBIT interest coverage above 1.3x and debt to capital below
