Fitch rates BoCom notes A

Fitch Ratings said it assigned an expected rating of A(EXP) to Bank of Communications Financial Leasing Co., Ltd.'s (BoCom Leasing; A/stable) proposed senior unsecured dollar-denominated notes to be issued under its medium-term note program.

The issuer under the program will be Azure Nova International Finance Ltd., an offshore special purpose vehicle wholly owned by Bocom Leasing. The program is unconditionally and irrevocably guaranteed by Bocom Leasing.

The program was assigned a final A rating on Oct. 27 and was subsequently affirmed on Feb. 23. The size was increased to $5.5 billion in February from $2 billion to support the company's growth.

The proposed notes will be listed on the Hong Kong Stock Exchange and the proceeds will be used for general corporate purposes. The maturity structure will be finalized upon settlement.

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