Fitch: BOC Aviation notes A-

Fitch Ratings said it expects to assign an A- rating to BOC Aviation Pte. Ltd.'s proposed five- and 10-year dollar-denominated senior unsecured notes.

The issuance size and fixed-rate of interest will be determined at the time of issuance, Fitch said.

The proceeds will be used for capital expenditure and general corporate purposes, the agency said.

The notes will be issued under the company's current $10 billion global medium-term note program, Fitch said.

The notes are rated at the same level as BOC Aviation's long-term issuer default rating and existing senior unsecured debt, the agency said.

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 ratings reflect the very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Ltd., the agency said.

Counterbalancing these factors is BOC Aviation's small size relative to the broader organization and the fact that it operates in a different jurisdiction, Fitch said.

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