Fitch gives BOC Aviation notes A-

Fitch Ratings said it assigned an expected rating of A-(EXP) to BOC Aviation Pte. Ltd.'s proposed five-year, dollar-denominated senior unsecured notes due in 2020.

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

Proceeds would be used for the company's capital expenditure and general corporate purposes.

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, and will rank equally with all its other unsecured and unsubordinated obligations, Fitch said.

The issuer default rating, presently on a stable outlook, reflects the agency’s view of a very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Ltd. (A/stable).

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