Deal Analysis: ILFC's path back to investment grade

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International Lease Finance Corporation (ILFC) is free again, thanks to investors and management. The company raised $4.4 billion in the secured and unsecured bond markets in August (click here), which paid back the New York Federal Reserve and freed up about $10 billion worth of collateral that can be pledged against other financings.

With the capital markets shut in 2009, ILFC was left with no choice but to borrow from parent American International Group (AIG) to pay off loan maturities.

But, as the capital markets return, ILFC has recovered its independence, paying back its parent and indirectly the US government.

Since March, ILFC has raised almost......

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