Fitch Rates BOC Aviation's Senior Notes Final 'A-' Rating

Thu May 8, 2014 9:35pm EDT

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(The following statement was released by the rating agency) NEW YORK/SINGAPORE, May 08 (Fitch) Fitch Ratings has assigned BOC Aviation Pte Ltd's (BOC Aviation) USD300m 3.875% senior notes due 2019 a final rating of 'A-'. The notes are issued under the aircraft leasing company's USD5bn euro medium-term note programme. This follows the completion of the notes issue and receipt of final documents conforming to information already received. The final rating is same as the expected rating assigned on 30 April 2014. KEY RATING DRIVERS The notes are rated at the same level as BOC Aviation's 'A-' Long-Term Issuer Default Rating (IDR). This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the company, and will rank equally with all its other unsecured and unsubordinated obligations. The IDR, presently on a Stable Outlook, reflects Fitch's view of a very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Limited (BOC; A/Stable). RATING SENSITIVITIES Any perceived changes in BOC's propensity and ability to provide extraordinary support to BOC Aviation would impact BOC Aviation's IDR and hence the issue rating. Proceeds from the senior notes are for the company's new capital expenditure and general corporate purposes. For more details on BOC Aviation's ratings and credit profile, see "Fitch Affirms Four Aircraft Lessors Following Peer Review", dated 4 September 2013, and BOC Aviation's full rating report, dated 23 September 2013, available at www.fitchratings.com. Contacts: Primary Analyst Mikho Irawady Associate Director +65 6796 7230 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Ilya Ivashkov, CFA Senior Director +1 212 908 0769 Committee Chairperson Nathan Flanders Managing Director +1 212 908 0827 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, "Global Financial Institutions Rating Criteria", dated 31 January 2014, "Rating FI Subsidiaries and Holding Companies", dated 10 August 2012, and "Finance and Leasing Companies Criteria", dated 11 December 2012, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Finance and Leasing Companies Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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