Fitch rates AVIC notes BBB

Fitch Ratings said it assigned a final rating of BBB to AVIC International Holding Corp.’s $150 million 3.3% senior unsecured notes due 2017.

The notes are to be issued by AVIC International Finance Ltd. and unconditionally and irrevocably guaranteed by AVIC International, Fitch said.

The notes are rated at the same level as AVIC International’s senior unsecured debt rating because they represent direct, unconditional, unsecured and unsubordinated obligations of the company, the agency said.

This final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned June 11.

Fitch said it notched AVIC International’s issuer default rating three levels below the internal assessment of the credit profile of its 62.52% parent, Aviation Industry Corp. of China, reflecting its strong linkages with AVIC.

The stable outlook reflects an expectation of continuous support from AVIC to AVIC International, the agency added.

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