KBRA assigns a preliminary rating to SLAM 2026-1 Limited and SLAM 2026-1 LLC (together, SLAM 2026-1), an aviation ABS transaction. SLAM 2026-1 represents the fifth aviation ABS transaction sponsored by SKY Aero Management Limited and SKY Leasing, LLC (SKY or the Company). The Company is comprised of 47 individuals operating out of five offices with headquarters in Greenwich, Connecticut. As of March 31, 2026, the Company had 105 aircraft under management valued at over $4.8 billion. The Company has reported a profit for the last four fiscal years. Affiliates of SKY will retain the equity position in SLAM 2026-1 at closing, as it has done in its previous securitizations.

Proceeds from the Series A Notes will be used to acquire a portfolio of 28 assets (the Portfolio); consisting of 24 narrowbody aircraft (72.8% by value), three widebody aircraft (25.3%), and one turboprop aircraft (1.9%) on lease to 16 lessees located in 14 jurisdictions. As of February 28, 2026, the weighted average age of the Portfolio is approximately 6.4 years and the weighted average remaining term of the initial lease contracts is approximately 6.6 years. The Portfolio has an initial value of approximately $1.08 billion.

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Methodologies

• ABS: Aviation ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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