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S&P rates BOC Aviation notes A-
S&P said it assigned its A- long-term issue rating to an issuance of senior unsecured notes by BOC Aviation Ltd. (A-/stable/--) under the company's US$10 billion global medium-term note program.
“The rating on BOC Aviation reflects the company's good cash flow stability from long leases, sound competitive position, and support from its majority shareholder Bank of China Ltd. (A/stable/A-1),” S&P said in a news release.
“Tempering these strengths are BOC Aviation's leverage tolerance, high capital spending over the next two years, and exposure to the industry's cyclical demand and aircraft lease rates.”
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