Expert credit ratings and analysis for airline counterparties, built exclusively for investors in the aviation leasing sector.
Investors funding aviation transactions need an independent view of airline credit risk. Mainstream rating agencies cover only the largest carriers, leaving the majority of the world’s airlines—and the lessors’ portfolios exposed to them—without rigorous credit assessment.
Altitude Credit fills this gap. We provide investor-grade credit ratings and research on airlines globally, with the depth and rigour of a major rating agency, the aviation-specific expertise of an industry specialist, and the independence that investors require.
We answer the question investors care about: will this airline pay its lease rent? Not a lessor risk report—a credit risk report.
Deep understanding of airline business models, fleet economics, traffic dynamics, and the nuances that generic credit analysts miss.
No conflicts of interest. We have no ownership interest in any airline, lessor, or intermediary. Our opinion serves only our clients.
Not backward-looking data tables—genuine forward analysis with scenario sensitivity, liquidity stress testing, and actionable monitoring triggers.
Our credit rating framework assesses airline risk across two primary dimensions, combining qualitative business analysis with quantitative financial benchmarking, calibrated specifically for the aviation sector.
Market position, competitive dynamics, fleet strategy, management quality, revenue diversification, cost structure, and the sovereign and regulatory environment. We assess the stability and predictability of the airline’s operating platform.
Profitability, cash flow generation, leverage, debt serviceability, and liquidity—assessed using a three-year average of ten key financial ratios benchmarked against an airline-specific peer set. Rent-adjusted metrics ensure comparability.
A liquidity stress assessment and analyst overlay capture factors not reflected in historical metrics: access to capital markets, government support, upcoming maturities, and exceptional circumstances requiring professional judgment.
Our ratings map directly to the Standard & Poor’s scale, providing a familiar and comparable reference point for credit committees.
Our reports are written as investment-grade analytical narratives, not spreadsheets with brief commentary. Every report tells the credit story in a way that non-aviation investors can understand and act on.
We rate the airlines that mainstream agencies don’t—the mid-size, regional, and emerging market carriers that dominate lessor portfolios but lack independent credit assessment. Reports are produced on demand for any airline globally, using public financials or data provided by our clients.
Every report includes specific, measurable conditions that would cause a rating change—giving investors clear monitoring points rather than vague qualitative statements.
IFRS 16 has transformed airline balance sheets. We use rent-adjusted metrics throughout, ensuring true comparability across airlines with different ownership and lease structures.
Whether you need a credit assessment for a specific airline or want to see a sample of our work, we’re ready to help.