Moody’s rates Azure Nova program A2

Moody's Investors Service said it assigned a provisional A2 long-term senior unsecured program rating to Azure Nova International Finance Ltd.'s $2 billion medium-term note program.

Azure Nova, incorporated in the Cayman Islands, is indirectly wholly owned by Bank of Communications Financial Leasing Co. Ltd. (BoCom Leasing, A2 negative).

The outlook is negative.

Moody’s said the provisional A2 rating takes into account an unconditional irrevocable guarantee from BoCom Leasing and is in line with BoCom Leasing's A2 long-term issuer rating.

The notes to be issued under the program will be fully and unconditionally guaranteed by BoCom Leasing. The guarantee will represent an unsubordinated and unsecured obligation of BoCom Leasing. As such, obligations under the guarantee will rank pari passu with BoCom Leasing's existing and future unsecured and unsubordinated obligations, the agency added.

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