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RRPF Engine Leasing Limited is Rolls-Royce & Partners Finance Limited's (RRPF; BBB+/Stable) main financing subsidiary.
The 'A-' rating of RRPF Engine Leasing Limited's senior secured US private placement notes is one notch above RRPF's Long-Term IDR, reflecting Fitch's expectation of very strong recovery prospects for the notes.
RRPF Engine Leasing Limited is a fully-owned UK-domiciled subsidiary of RRPF.
RRPF issued the notes in 10 tranches with tenors between eight and 15 years and roughly evenly split between fixed rate (USD275 million) and floating rate notes.
The senior secured notes' rating is primarily sensitive to a change in RRPF's Long-Term IDR.
The expected rating is in line with the rating on RRPF Engine Leasing Limited's outstanding US private placement notes assigned on 26 April 2018 (see 'Fitch Rates Rolls-Royce & Partners Finance 'BBB+'/Stable; Secured Debt 'A-'' on www.fitchratings.com).
The 'A-(EXP)' rating of RRPF Engine Leasing Limited's senior secured US private placement notes is one notch above RRPF's Long-Term IDR, reflecting Fitch's expectation of very strong recovery prospects for the notes.
RRPF intends to issue around USD300 million in senior secured notes with tenors between eight and 15 years.
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