TEXT-S&P comments on AerCap Holdings N.V.

Mon Aug 20, 2012 3:41pm EDT

Aug 20 - 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 purchased $120 million of its shares from one of its major shareholders, Cerberus Capital Management L.P. (not rated), at a slight discount to the most recent closing price. The company had $344 million of cash as of June 30, 2012. The purchase was in addition to AerCap's existing $200 million share repurchase program, which has $104 million remaining, and reduces Cerberus' ownership to about 10%. This action is consistent with the company's May 2012 announcement that its board had decided to explore a range of strategic alternatives to enhance shareholder value, including continued execution of the company's operating strategies, possible further share repurchases, aircraft portfolio sales, or a sale or merger of the company.

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