RPT-Fitch Rates BOC Aviation's Senior Notes 'A-', First AUD Issue
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July 18 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned BOC Aviation Pte Ltd's (BOC Aviation) AUD200m 5.375% senior notes due 2020 a final rating of 'A-'. The notes are issued under the aircraft leasing company's USD5bn euro medium-term note programme.
This is BOC Aviation's first issue of notes denominated in Australian dollars. The rating follows the receipt of final documents.
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).
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.
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