S&P gives Azure Orbit bond A-/cnAA

Standard & Poor's said it assigned its A- long-term issue rating and cnAA Greater China credit scale rating to the proposed issue of a senior unsecured bond by Azure Orbit International Finance Ltd.

The Hong Kong branch of Bank of Communications Co. Ltd. will provide an unconditional and irrevocable guarantee for the proposed bond.

Azure Orbit is a special-purpose vehicle under JY Aviation Leasing Ireland Co. Ltd., which in turn is wholly owned by Bank of Communications.

S&P said it equalized the rating on the proposed bond with that on Bank of Communications because is believes that it qualifies for "rating substitution treatment," as defined in the criteria.

Bank of Communications' payment obligations under the guarantee will rank pari passu with the bank's existing senior unsecured debts, the agency added.

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