Azorra Announces S&P Upgrade to ‘BB’

Fort Lauderdale, Florida, USA

Azorra Aviation Holdings, LLC ("Azorra") today announced that S&P Global Ratings ("S&P") raised its issuer credit rating to 'BB' from 'BB-'. The company's outlook was revised to Stable from Positive.

S&P also raised the company's senior unsecured notes rating to 'BB' from 'BB-' and the rating on its senior secured term loan to 'BB+' from 'BB'.

The upgrades reflect Azorra's increasing scale, expanded portfolio, and stable credit metrics. S&P highlighted Azorra's continued progress in unencumbering its balance sheet, including increasing unsecured debt to total assets, and its focus on the small narrowbody aircraft segment, which it views as providing a competitive advantage through lower competitive intensity and higher lease yields.

Alan Stanford, Chief Financial Officer, said: "We are grateful that S&P has recognized the progress we have made in executing on both our investment and financing strategies. We remain focused on thoughtfully scaling our business while maintaining a disciplined approach to investing and capital deployment. This is another step in our pursuit of achieving an investment-grade rating over time."

Claudia Ziemer, Senior Vice President, Finance and Treasurer, added: "The rating upgrade validates the strength of our strategy and the progress we have made in transforming our funding profile and expanding our pool of unencumbered assets. With broader access to unsecured capital, strong liquidity, and greater financial flexibility, we are well positioned to support our customers and capitalize on compelling growth opportunities throughout market cycles."

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities laws. These statements involve substantial risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. These forward-looking statements include, without limitation, statements regarding our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. Forward-looking statements are based on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. We cannot assure you that expectations reflected in these statements will prove to be correct, and actual results may differ materially. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

No Offer or Solicitation

The notes and related guarantees (the "Notes") have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any jurisdiction and may be offered or sold only in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any offer, solicitation, or sale of securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Azorra

Azorra is a relationship-driven aircraft lessor that provides leasing, financing, fleet transition, and asset management solutions to aircraft investors, financiers, and airline operators worldwide. Azorra's multicultural team reflects the global markets that we serve and includes core competencies in aviation law, aircraft finance, maintenance, marketing, sales, and leasing.

Our team is led by seasoned veterans with a shared history of success and is complemented by young professionals who bring fresh perspectives, ideas, and enthusiasm. As of June 30, 2026, Azorra's fleet comprises 286 assets, including 187 owned and managed aircraft, 99 owned and managed engines and airframes, and a committed pipeline of 37 aircraft. These commitments include orders for new Airbus A220-300 aircraft and Embraer E190/E195-E2 aircraft. Azorra is headquartered in Fort Lauderdale, Florida, with an additional office in Dublin, Ireland.