Resilient short-haul passenger air traffic, NAC?s focus market, and strong demand for aircraft amid persistent supply-chain constraints faced by aircraft manufacturers should support aircraft valuations and lease rates in the near term. This bodes well for NAC?s three pillar strategy i) to divest its fleet of Q400s and E1s, ii) to expand into more fuel-efficient regional aircraft like the ATR 72 and A220 families, and iii) to diversify into the much larger adjacent market for the Boeing 737 and Airbus A320 families. In 2023, NAC sold 60 aircraft and purchased 13 Airbus and Boeing narrow-body aircraft. As of March 31, 2024, NAC had 20 A220 and 14 ATR aircraft on order. At end-2023, its S&P Global Ratings-adjusted net debt increased
