Fitch Ratings Upgrades Phoenix Aviation Capital Rating to 'B+'

Phoenix Corporate Rating Upgraded to 'B+'
Senior Unsecured Rating Upgraded to 'B+'
and Secured Term Loan B Rating Upgraded to 'BB'

DUBLIN and STAMFORD, Conn., May 11, 2026 /PRNewswire/ -- Phoenix Aviation Capital ("Phoenix" or "the Company"), a full-service aircraft lessor managed by AIP Capital ("AIP"), an alternative investment manager focused on opportunities in asset-based finance and a portfolio company of funds advised or controlled by affiliates of BC Partners Advisors L.P., announced that Phoenix's corporate rating has been revised by Fitch Ratings, being upgraded to 'B+' from 'B' with a rating outlook stable.

Additionally, Fitch upgraded its rating of Phoenix's senior unsecured notes to 'B+' from 'B' with a recovery rating of 'RR4' and Phoenix's secured Term Loan B (TLB) to 'BB' from 'BB-' with a recovery rating of 'RR2'.

"We are pleased to announce the rating revision Phoenix received from Fitch," said Jared Ailstock, Managing Partner at AIP Capital. "This achievement reflects the strength and execution of the Phoenix strategy of growing and diversifying its portfolio of in-demand, next-generation aircraft, while also expanding and its lending group and availability of debt capital."

Over the past two years, since its formation in April 2024, Phoenix has grown its fleet to 30 x aircraft with a net book value (NBV) of $1.6 billion as of March 31, 2026, while expanding and diversifying its lessee customer, keeping a focus on next-generation aircraft. Phoenix has also raised over $2.5 billion of debt capital across several loan facilities and capital markets issuances.

About Phoenix Aviation Capital
Phoenix Aviation Capital is a full-service aircraft lessor focused on financing modern, in-demand aircraft and is dedicated to meeting the financing needs of its airline customers across the globe. Phoenix Aviation Capital is based in Dublin and is managed by AIP Capital, a global aviation asset management and investment firm.

For more information about Phoenix Aviation Capital or to speak with company executives, please contact investor.relations@phoenixaviationcap.com.

About AIP Capital
AIP Capital (AIP) is a global alternative investment manager focused on opportunities in asset-based finance including aviation and equipment finance. AIP, together with its affiliates, manages approximately $7.5 billion of assets on behalf of a diversified global investor base. The AIP team is comprised of more than 50 experienced professionals across AIP's offices in Stamford, New York City, Dublin, and Singapore.

For more information about AIP Capital or to speak with company executives, please contact investor.relations@aipcapital.com.

About BC Partners & BC Partners Credit
BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm's deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors.

For further information, visit www.bcpartners.com/credit-strategy.

Media Contacts

AIP Capital Geoffrey Bayers
investor.relations@aipcapital.com

BC Partners
Luke Charalambous
Luke.Charalambous@BCPartners.com
+44 7775 180 721

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