(Repeat for additional subscribers)
April 30 (The following statement was released by the rating agency)
Fitch Ratings has assigned BOC Aviation Pte Ltd's
(BOC Aviation) proposed US dollar-denominated senior notes an expected rating of
'A-(EXP)'. The notes will be issued under the aircraft leasing company's USD5bn
euro medium-term note programme. The final rating is subject to the receipt of
final documentation conforming to information already received.
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 will 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
Proceeds from the senior notes would be used 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