Medium Term Notes blog update courtesy of Reuters. Fitch Rating service has released released ratings for BOC Aviation Pte Ltd’s receives additional Fitch Ratings, following last week’s GMTN Fitch Ratings.
Fitch Ratings has assigned BOC Aviation Pte Ltd’s proposed five-year US dollar senior unsecured notes due in 2020, an expected rating of ‘A-(EXP)’. The notes will be issued under the aircraft leasing company’s USD5bn global medium-term note (GMTN) programme. The final rating is subject to the receipt of final documentation conforming to information already received. Proceeds from the senior notes would be used for the company’s capital expenditure and general corporate purposes. 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). 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. For more details on BOC Aviation’s ratings and credit profile, see “Fitch Affirms Aircraft Lessors Following Peer Review”, dated 11 August 2014, and BOC Aviation’s rating report, dated 23 October 2014, available at www.fitchratings.com. Contact: Primary Analyst Brendan Sheehy Director +1 212 908 9138 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Jonathan Lee Senior Director +886 2 8175 7601 Committee Chairperson Nathan Flanders Managing Director +1 212 908 0827 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com.
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