S&P rates BOC Aviation notes A-

S&P said it assigned its A- long-term issue rating to a proposed issuance of senior unsecured notes by BOC Aviation Ltd., which is rated A-, under the company’s $10 billion global medium-term note program.

BOC Aviation plans to use the proceeds for refinancing, capital spending and general corporate purposes.

“We equalize the issue rating on the proposed notes with the issuer credit rating on BOC Aviation. The company’s ratio of priority debt (secured debt plus unsecured debt at operating subsidiaries) to total debt was 28% on June 30, 2019. Due to the company’s good access to senior unsecured debt markets, we believe this ratio will remain below 50%,” said S&P in a press release.

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