Fitch Ratings Assigns Expected Ratings to Castlelake Aircraft Structured Trust 2025-1 Notes

Fitch Ratings has assigned the following expected ratings to the notes issued by Castlelake Aircraft Structured Trust 2025-1:

• Class A Notes: ‘Asf (EXP)’
• Class B Notes: ‘BBBsf (EXP)’
• Class C Notes: ‘BBsf (EXP)’

These notes are secured by lease payments and disposition proceeds from a pool of 36 passenger aircraft operated by various third-party lessees.

The assigned ratings reflect Fitch’s assessment of the credit quality of the underlying lessees, the diversification and age of the aircraft fleet, and the transaction’s structural features designed to mitigate potential risks. The ‘Asf (EXP)’ rating for the Class A Notes indicates a strong credit quality, while the ‘BBBsf (EXP)’ and ‘BBsf (EXP)’ ratings for the Class B and Class C Notes, respectively, suggest adequate to speculative credit quality, commensurate with the associated risk levels.

Fitch’s analysis also considers the potential impact of market volatility on aircraft values and lease rates, as well as the servicer’s ability to manage the aircraft assets effectively. The expected ratings are subject to final documentation and may be adjusted upon completion of the transaction.