RRPF Engine Leasing secures A- final rating on USD700 million senior secured notes
RRPF Engine Leasing Limited has received an A- final rating on USD700 million of senior secured notes maturing between 2029 and 2036. The debt is unconditionally guaranteed by Rolls-Royce & Partners Finance Limited, and the rating matches the expected grade assigned in September 2026.
Highlights
- Fitch assigned a final A- rating to RRPF Engine Leasing's USD700 million senior secured notes, split into USD300 million for 2026 and USD400 million for 2027.
- RRPF Engine Leasing remains supported by parents Rolls-Royce plc and GATX Corporation, each rated BBB+/Stable, with Fitch expecting potential support from Rolls-Royce Holdings plc if needed.
- This rating action confirms continued stable funding access for the world's largest lessor of Rolls-Royce aircraft engines while leaving RRPF's other debt ratings unchanged.
Notes structure and Fitch rationale
As reported by Fitch Ratings, the final principal amount of the notes totals USD700 million, made up of a USD300 million drawdown in 2026 and a further USD400 million drawdown in 2027. Fitch says the final rating is in line with the expected A-(EXP) rating assigned on 29 September 2026, while RRPF's other issuer and debt ratings remain unaffected by the action.RRPF Engine Leasing Limited serves as the main financing subsidiary of Rolls-Royce & Partners Finance Limited, which carries a BBB+/Stable rating. Fitch says RRPF's Issuer Default Ratings are supported by its expectation that Rolls-Royce Holdings plc would likely provide support if needed through Rolls-Royce plc, which holds a 50% beneficial interest in RRPF.
Joint venture profile and sector relevance
RRPF is a 50/50 joint venture between Rolls-Royce plc and GATX Corporation, which is also rated BBB+/Stable. The company is described by Fitch as the world's largest lessor of Rolls-Royce aircraft engines.The rating action underlines continued funding access for a major aircraft engine leasing platform tied to two investment-grade industrial backers. For the aviation finance sector, the confirmation also signals rating stability for this specific issuance despite no change to RRPF's wider credit profile.
Earlier, we reported that Hainan Rubber proposed subordinated perpetual sustainable securities via Halcyon Agri, with a BBB- Fitch rating.
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