Fitch gives Bocom Leasing 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) $7 billion medium-term note program and an expected rating of A(EXP) to the senior unsecured dollar-denominated notes to be issued under the program.

The program will be set up under Azure Orbit IV International Finance Ltd., an offshore special purpose vehicle in the Cayman Islands that is indirectly wholly owned by Bank of Communications Co., Ltd (Bocom, A/stable) through Bocom Leasing International Finance Ltd. (Hong Kong) (BLIFL).

The proposed notes will also be issued by Azure Orbit IV.

Fitch said the rating reflects the ratings that are expected to be assigned to senior notes issued under the program.

The ratings on the program and the proposed senior notes issued under the program are in line with Bocom Leasing's long-term issuer default rating of A with a stable outlook. This primarily reflects the extremely high probability of support from Bocom Leasing to Bocom Leasing Management HK and Azure Orbit IV, the agency explained.

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