NEW YORK (Standard & Poor's) July 16, 2012--Standard & Poor's Ratings Services said today that its ratings and outlook on The Netherlands-based AerCap Holdings N.V. (BBB-/Stable/--) are unchanged after the aircraft lessor released a statement that it continues to evaluate strategic options. AerCap's announcement that it is increasing its share repurchase program to $200 million from $130 million also had no impact on our rating or outlook on the company.
Responding to various market speculation about its future, AerCap noted that currently it neither has an engagement with any financial advisor nor is in discussions with any party regarding the sale of the company. In May 2012, the company disclosed that its board had decided to explore a range of strategic alternatives to enhance shareholder value. The strategic alternatives included continued execution of the company's operating strategies, possible further share repurchases, aircraft portfolio sales, or a sale or merger of the company. In June 2012, the company purchased $56 million of its shares from one of its major owners, Cerberus Capital Management L.P., with proceeds from $300 million of unsecured debt it issued in May 2012.