Moody’s downgrades BoCom Leasing

Moody's Investors Service said it downgraded Bank of Communications Financial Leasing's (BoCom Leasing) long-term/short-term issuer ratings to A3/P-2 from A2/P-1.

The agency also downgraded Bocom Leasing Development Hong Kong Co. Ltd.'s (Bldhk) long-term issuer rating to Baa1 from A3.

At the same time, Moody's downgraded Azure Nova International Finance Ltd.’s backed senior unsecured medium-term note program rating to provisional A3 from provisional A2 and its backed senior unsecured note ratings to A3/provisional A3 from A2/provisional A2.

These actions conclude the review of BoCom Leasing's and Bldhk's ratings for downgrade initiated on May 24.

The outlook is stable.

Moody's said the action follows the rating action taken on BoCom Leasing's parent, Bank of Communications Co., Ltd. (BoCom). On Sept. 7, the agency downgraded BoCom's long-term/short-term deposit ratings to A3/P-2 from A2/P-1. The outlook is stable.

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