Kroll Bond Rating Agency Assigns BBB Issuer Rating to Nordic Aviation Capital Designated Activity Company

Kroll Bond Rating Agency (KBRA) has assigned an issuer rating of BBB
with a stable outlook to Nordic Aviation Capital Designated Activity
Company (“NAC” or “the Company”), an aircraft leasing company based in
Denmark.

The BBB issuer rating of NAC reflects the Company’s strong, seasoned
management team, valuable industry relationships with turboprop
operators and manufacturers, substantial market share of leased
turboprop aircraft further strengthened by recent acquisitions, solid
fleet growth plan and growing market presence within the regional
aircraft space. Additionally, KBRA incorporated NAC’s sound historical
financial performance and stable aircraft leasing industry outlook into
its analysis. Primary constraints include NAC’s principally focused
business model although partially mitigated by recent and marked
expansion into the regional aircraft sector, relatively high asset
encumbrance, and exposure to the competitive and cyclical global
passenger airline industry.

KBRA’s rating report for NAC is available here.

The rating was assigned using KBRA’s Finance
Company Rating Methodology
, published on April 1, 2013.

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a
Nationally Recognized Statistical Rating Organization (NRSRO). In
addition, KBRA is recognized by the National Association of Insurance
Commissioners (NAIC) as a Credit Rating Provider (CRP).

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