S&P gives BOC Aviation notes BBB+

Standard & Poor's said it assigned its BBB+ long-term issue rating to an issue of S$145 million senior unsecured notes by BOC Aviation Pte. Ltd. (A-/stable/--; axAA/--).

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

At the same time, the agency assigned its axAA- Asean regional scale rating to the notes.

S&P said the issue rating is one notch below the corporate credit rating on BOC Aviation because it expects that the ratio of BOC Aviation's secured debt to total assets will remain above the threshold where it consider equalizing the issue rating to the issuer credit rating for the next two years.

BOC Aviation expects to use the proceeds from the notes for capital spending and general corporate purposes.

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