...- Aircraft lessor Nordic Aviation Capital DAC (NAC), and its major operating subsidiary, NAC Aviation 29 DAC (NAC 29), plan to emerge from Chapter 11 bankruptcy protection by early June, 2022, with new owners and a new capital structure. - Therefore, we assigned our 'B' issuer credit rating to both entities, along with stable outlooks. - We also assigned our 'B' issue-level and '3' recovery ratings to the company's secured notes and term loan B. - Our '3' recovery rating on the secured notes and term loan B indicates our expectation for meaningful recovery (50%-70%, rounded estimate: 65%) in the event of a payment default. - The stable outlook for both entities reflects our expectation that credit metrics will recover modestly over the next few years along with passenger traffic, stronger demand for aircraft, and the resumption of lease payments in full after restructurings. However, we expect credit metrics to remain well below pre-COVID-19 levels....
