Moody’s gives CCB (Cayman) notes A3

Moody's Investors Service said it assigned an A3 long-term senior unsecured rating to the notes to be issued by CCB (Cayman) Corp. Ltd.

CCB (Cayman), an indirect subsidiary of China Construction Bank Corp. (CCB, A1 stable), is an offshore special purpose vehicle established by CCB Leasing (International) Corp. Ltd. (unrated). CCB Leasing functions as the primary overseas platform for CCB Financial Leasing Corp. Ltd.’s (A2 stable) aviation leasing business.

The outlook is stable.

Moody’s said the A3 long-term senior unsecured rating for the proposed notes reflects: (a) The guarantee provided by CCB Leasing; (b) CCB Leasing important role in CCB Financial Leasing's overseas leasing business; and (c) CCB Financial Leasing's very high willingness to support CCB (Cayman)'s obligations.

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