S&P rates CCB Leasing notes A

S&P said it assigned an A long-term issue rating to the proposed benchmark-sized drawdowns from CCBL (Cayman) 1 Corp. Ltd.'s $5 billion medium-term notes, unconditionally and irrevocably guaranteed by CCB Leasing (International) Corp. DAC.

The issuer is a special-purpose company wholly owned by CCB Leasing, the guarantor, S&P said.

CCB Leasing and CCB Financial Leasing Corp. Ltd. together form a leasing subgroup wholly owned by China Construction Bank Corp., S&P said.

The agency said it expects CCB to maintain a strong commitment to providing capital and funding support to the leasing subgroup, the agency said.

The guarantee constitutes the direct, general, and unconditional obligations of CCB Leasing, S&P said. The agency also said it views it as a guarantee for timely payment.

The notes will at all times rank at least equally with all other present and future unsecured and unsubordinated obligations of the guarantor, the agency said.

The proceeds from the issue of each tranche of notes will be on-lent to the guarantor group for general corporate purposes, S&P said.

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