Medium Term Notes blog update courtesy of Reuters. Fitch Rating service has released released ratings for BOC Aviation Pte Ltd’s global medium term notes, see below.
TAIPEI/NEW YORK, March 16 (Fitch) Fitch Ratings has assigned BOC Aviation Pte Ltd’s (A-/Stable) USD5bn global medium-term note (GMTN) programme a senior unsecured rating of ‘A-‘. The new rating follows the conversion from the previous euro medium-term note (EMTN) programme. Fitch stresses that there is no assurance that the notes issued under the GMTN programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating. KEY RATING DRIVERS The GMTN programme rating is equalised with BOC Aviation’s IDR of ‘A-‘, reflecting that the notes issued under the programme are direct, unsubordinated and unsecured obligations of the company, and rank equally with all its other unsecured and unsubordinated obligations. The IDR 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 The GMTN programme rating is sensitive to any changes in BOC Aviation’s IDR. Any perceived changes in BOC’s propensity and ability to provide support would impact BOC Aviation’s IDR and hence the programme 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: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@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.
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