(The following statement was released by the rating agency)
SINGAPORE, May 05 (Fitch) Fitch Ratings has confirmed the rating on BOC Aviation
Pte Ltd's (BOC Aviation) upsized USD500m 4.375% senior notes due 2023 at
Long-Term 'A-'. The confirmation follows the increase in the size of the notes
The notes, which were issued under BOC Aviation's USD2bn euro medium-term note
programme, were assigned a final 'A-' rating on 2 May 2013.
Key Rating Drivers
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 has a
Stable Outlook, reflecting 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 senior notes are to be used for the company's 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 www.fitchratings.com.
+65 6796 7220
Fitch Ratings Singapore PTE Ltd
6 Temasek Boulevard
#35-05 Suntec Tower Four
+65 6796 7230
+65 6796 7229
Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email:
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15
August 2012, 'Rating FI Subsidiaries and Holding Companies', dated 10 August
2012, and 'Finance and Leasing Companies Criteria', dated 11 December 2012, are
available at www.fitchratings.com.
Applicable Criteria and Related Research
Global Financial Institutions Rating Criteria
Finance and Leasing Companies Criteria
Rating FI Subsidiaries and Holding Companies
BOC Aviation Pte Ltd
BOC Aviation Pte Ltd
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ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
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