S&P rates BoCom Leasing notes A-

S&P Global Ratings said it assigned an A- long-term and A-2 short-term issuer credit ratings to BoCom Leasing Management Hong Kong Co. Ltd.

The outlook is stable.

The agency also said it assigned an A- long-term and A-2 short-term issue ratings to a $7 billion medium-term note program that BoCom Leasing Management guarantees.

Azure Orbit IV International Finance Ltd., a special purpose vehicle indirectly owned by Bank of Communications Co. Ltd. (BoCom), issues notes under the program.

S&P also said it assigned an A- long-term issue rating to a proposed drawdown under the program.

The ratings reflect a view that the company is a core subsidiary of BoCom Financial Leasing Co. Ltd. (BoComFL), the agency said, and core to the ultimate parent bank, BoCom,

That is why the agency equalizes ratings on BoCom Leasing Management HK with those on its ultimate parent, S&P said.

The agency also said it expects that potential extraordinary government support to BoCom will be indirectly available to the company through BoComFL, if needed.

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