Fitch assigns BBB+ to CMC Leasing notes

Fitch Ratings said it assigned an expected rating of BBB+ to China Merchants Commerce Financial Leasing Co., Ltd.'s (CMC Leasing, BBB+/stable) proposed senior unsecured U.S. dollar notes.

The proposed notes are to be issued by Ocean Laurel Co. Ltd., CMC Leasing’s wholly owned offshore SPV registered in the British Virgin Islands.

The proposed notes will be listed on the Hong Kong Stock Exchange, and the proceeds will be used for overseas projects, repayment of borrowings, supplementing working capital or general corporate purposes, Fitch said.

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