(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
medium-term note programme.
This follows the completion of the notes issue and receipt of
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-'
Default Rating (IDR). This is because the notes constitute
unsubordinated and senior unsecured obligations of the company,
and will rank
equally with all its other unsecured and unsubordinated
The IDR, presently on a Stable Outlook, reflects Fitch's view of
a very high
probability of extraordinary support to BOC Aviation from its
Bank of China Limited (BOC; A/Stable).
Any perceived changes in BOC's propensity and ability to provide
support to BOC Aviation would impact BOC Aviation's IDR and
hence the issue
Proceeds from the senior notes are for the company's new capital
general corporate purposes.
For more details on BOC Aviation's ratings and credit profile,
Affirms Four Aircraft Lessors Following Peer Review", dated 4
and BOC Aviation's full rating report, dated 23 September 2013,
+65 6796 7230
Fitch Ratings Singapore Pte Ltd
6 Temasek Boulevard
#35-05 Suntec Tower Four
Ilya Ivashkov, CFA
+1 212 908 0769
+1 212 908 0827
Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234,
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
Rating FI Subsidiaries and Holding Companies
Finance and Leasing Companies Criteria
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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
here. IN ADDITION,
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