Fitch rates Avic International notes A-

Fitch Ratings said it assigned a final rating of A- to AVIC International Leasing Co., Ltd.'s (Avicil, A-/stable) $500 million of senior notes issued under Soar Wise Ltd.’s $2 billion medium-term note program, which is rated A-.

The issued notes carry a coupon of 1¾% and are due on March 30, 2024.

The ratings on the senior unsecured notes issued under the MTN program by Soar Wise are in line with Avicil’s long-term issuer default rating at A- as the notes are unconditionally and irrevocably guaranteed by Avicil, Fitch said in a news release.

Avicil’s ratings are driven by the high probability of support from its parent, Aviation Industry Corp. of China (AVIC), a state-owned aircraft manufacturer. This is due to Avicil’s strategic role as a financing vehicle for AVIC's civilian aircraft business, and strong managerial and operational ties with AVIC, the agency said.

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