An airport slot-backed ABS that falls under the rubric of a whole-business securitization appears to be approaching the runway. In a pre-sale today, Moody’s Investors Service said it had given a £250 million ($388 million) tranche of the deal a provisional rating of ‘A3,’ well above the ‘B1’ rating assigned to British Airways, which is linked to the payment obligations in the transaction.

The bond matures in 2023, and BNP Paribas is the bookrunner.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.