S&P rates Bocom Leasing notes A-

S&P said it assigned an A- long-term and A-2 short-term local- and foreign-currency program ratings to the $3 billion medium-term note program by Bocom Leasing Management Hong Kong Co. Ltd.

The agency also said it assigned an A- long-term foreign-currency issue rating to the proposed $1.5 billion senior unsecured notes drawn from the program.

The notes issued constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer and at all times rank equally among themselves, S&P noted.

The proceeds will be used for general corporate purposes, including overseas business expansion, the agency said.

The issuer is a core subsidiary of Bank of Communications Financial Leasing Co. Ltd., which is in turn a core subsidiary to Bank of Communications Co. Ltd.

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