Scope Ratings has reviewed the performance of PR Aircraft Finance S.A. – Compartment 1 (PR Aircraft) in relation to Air Berlin’s bankruptcy filing on 15 August 2017 and concluded the event has no material impact on PR Aircraft's rating. Consequently, no rating action is granted.

PR Aircraft is a debt fund secured by a pool of aviation loans and advised by Investec Bank plc. One facility in the fund is exposed to an aircraft leased to Air Berlin. However, the facility represents a senior exposure and the investor is protected by ranking and the structure of the fund.

In addition, the aircraft leased to Air Berlin has an established secondary market and a number of potential operators worldwide, which would limit the severity impact should the asset be liquidated as part of bankruptcy proceedings.

Scope continuously monitors PR Aircraft Finance S.A. – Compartment 1.