OREANDA-NEWS.  Fitch Ratings has assigned BOC Aviation Pte Ltd's (A-/Stable) USD5bn global medium-term note (GMTN) programme a senior unsecured rating of 'A-'.

The new rating follows the conversion from the previous euro medium-term note (EMTN) programme. Fitch stresses that there is no assurance that the notes issued under the GMTN programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating.

KEY RATING DRIVERS

The GMTN programme rating is equalised with BOC Aviation's IDR of 'A-', reflecting that the notes issued under the programme are direct, unsubordinated and unsecured obligations of the company, and rank equally with all its other unsecured and unsubordinated obligations.

The IDR 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).

RATING SENSITIVITIES

The GMTN programme rating is sensitive to any changes in BOC Aviation's IDR. Any perceived changes in BOC's propensity and ability to provide support would impact BOC Aviation's IDR and hence the programme rating.