Fitch rates Bocom Leasing notes A

Fitch Ratings said it assigned an expected rating of A to Bocom Leasing Management Hong Kong Co. Ltd.’s proposed senior unsecured dollar-denominated notes.

Bocom Leasing Management HK is the primary offshore operating platform for Bank of Communications Financial Leasing Co., Ltd., which Fitch rates at A. The issuer’s ultimate parent is the Bank of Communications Co. Ltd., also rated A. The rating assumes “an extremely high probability of support” from the Bank of Communications if needed, Fitch said in a press release.

The proposed notes will benefit from a keepwell and asset purchase deed provided by Bocom Financial Leasing.

The proceeds will be used for general corporate purposes, including investments in Bocom Financial Leasing’s offshore ship and aircraft leasing business.

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