Fitch: BOC Aviation notes A-

Fitch Ratings said it assigned an expected A- rating to BOC Aviation Pte Ltd.’s proposed senior unsecured notes denominated in offshore yuan.

The notes will be issued under the aircraft leasing company’s $5 billion euro medium-term note program.

The final rating is subject to the receipt of final documentation conforming to information already received.

The proceeds will be used for the company’s capital expenditure and general corporate purposes, Fitch said.

The notes are rated at the same level as BOC Aviation’s A- long-term issuer default rating. This is because the notes will constitute direct, unsubordinated and senior unsecured obligations of the company, the agency said, and will rank equally with all its other unsecured and unsubordinated obligations.

The ratings also consider the very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Ltd., Fitch said.

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