Moody’s raises BoCom Leasing

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

The agency also upgraded Bocom Leasing Development Hong Kong Co. Ltd.’s long-term issuer rating to A3 from Baa1.

The outlooks are stable.

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

Moody's withdrew the outlooks on BoCom Leasing and its subsidiaries' issuer ratings and instrument ratings for business reasons.

Moody's said the action follows the May 30 upgrade of BoCom Leasing's parent, Bank of Communications Co., Ltd.’s long-term/short-term deposit ratings to A2/P-1 from A3/P-2. The outlook is stable.

“BoCom Leasing's A2 long-term issuer rating incorporates the company's standalone credit profile of ba3 and a seven-notch uplift based on affiliate-backed support from BoCom,” the agency said in a news release.

“Moody's believes that BoCom will provide full support to BoCom Leasing in times of stress. Therefore, the upgrade of the parent's ratings has led to a similar rating action on BoCom Leasing.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.