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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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      "text": "Average credit cost: (0.2%)",
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      "text": "AerCap manages credit risk by aggressively monitoring customer creditworthiness and diversifying its customer base. Between 2007 and 2013, which included the financial crisis and some idiosyncratic airline defaults, AerCap’s annual defaults were approximately 2.5%. Losses were low, averaging only 0.2%, because around 80% of the defaulted planes were repossessed and then re-leased or sold, and 20% of the defaulted planes went back to the airline under a restructured lease. Despite the macroeconomic turbulence, AerCap’s average portfolio utilization during this period has been almost 99%.",
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      "text": "Source: AER filings, Greenlight calculations derived from issuer filings, and Greenlight estimates.",
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