KBRA Assigns Preliminary Ratings to Pioneer Aircraft Finance Limited

DUBLIN–(BUSINESS WIRE)–Kroll Bond Rating Agency Europe Limited (KBRA) assigned preliminary
ratings to three series of notes (the “Notes”) issued by Pioneer
Aircraft Finance Limited (“Pioneer Cayman”) and Pioneer Aircraft Finance
LLC (“Pioneer USA”, and, together with Pioneer Cayman, “Pioneer”, or
the “Issuers”).

The transaction is serviced by Goshawk Management (Ireland) Limited
(“Goshawk”, the “Servicer” or the “Company”). KBRA notes that certain
entities affiliated with Goshawk will collectively acquire a minority
portion (10%) of the equity.

Goshawk, founded in 2013, is a full-service aircraft lessor with an
experienced management team. Goshawk is based in Dublin, Ireland and has
approximately 90 full-time employees.

Proceeds from the sale of the Notes will be used to acquire 18 aircraft
(the “Portfolio”) on lease to 18 lessees located in 15 countries. The
initial weighted average aircraft age of the Portfolio is approximately
5.3 years with a weighted average remaining lease term of approximately
5.1 years.

To access the full report, click here.

Disclosures

Further disclosures relating to this rating action are available in the EU
Information Disclosure Form. Additional information regarding
KBRA policies, methodologies, rating scales and disclosures are
available at www.kbra.com.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

• Global
  Aviation ABS Rating Methodology
• Pioneer
  Aircraft Finance Limited Pre-Sale Report

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus. KBRA is also recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

Contacts

Analytical Contacts:

Gopal Narsimhamurthy, Director, Structured Finance (Lead Analyst)
Dublin
+353
1 588 1245
gnarsimhamurthy@kbra.com

Alan Greenblatt, Senior Director, ABS
New York
+1 (646)
731-2496
agreenblatt@kbra.com

Michael Lepri, Associate Director, ABS
New York
+1 (646)
731-3389
mlepri@kbra.com

Zara Shirazi, Director, ABS
New York
+1 (646) 731-3326
zshirazi@kbra.com

Rosemary Kelley, Senior Managing Director, ABS (Rating Committee Chair)
New
York
+1 (646) 731-2337
rkelley@kbra.com