TEXT-Fitch Assigns BOC Aviation's Senior Notes Final 'A-' Rating
(The following was released by the rating agency)
SINGAPORE, October 10 (Fitch) Fitch Ratings has assigned BOC Aviation Pte Ltd's (BOC Aviation) USD500m 2.875% senior notes due 2017, issued under its USD2bn euro medium-term note programme, a final rating of 'A-'. This follows the completion of the notes issue and receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned on 27 September 2012.
The notes are rated at the same level as BOC Aviation's 'A-' Long-Term Issuer Default Rating (IDR). This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the company, and rank equally with all its other unsecured and unsubordinated obligations.
The IDR, presently on a Stable Outlook, reflects Fitch's view of a very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Limited (BOC; 'A'/Stable). Any perceived changes in BOC's propensity and ability to provide support would impact BOC Aviation's IDR and hence the issue rating.
Proceeds from the company's maiden senior notes are to fund new capital expenditure and general corporate purposes.
For more details on BOC Aviation's ratings and credit profile, see "Fitch Rates BOC Aviation 'A-'; Outlook Stable", dated 25 June 2012, and BOC Aviation's full rating report, dated 13 September 2012, available at .
Keywords: MARKETS RATINGS BOCAVIATION