OREANDA-NEWS. Fitch Ratings has assigned BOC Aviation Pte Ltd's proposed five-year US dollar senior unsecured notes due in 2020, an expected rating of 'A-(EXP)'. The notes will be issued under the aircraft leasing company's USD5bn global medium-term note (GMTN) programme.

The final rating is subject to the receipt of final documentation conforming to information already received. Proceeds from the senior notes would be used for the company's capital expenditure and general corporate purposes.

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 will constitute direct, unsubordinated and senior unsecured obligations of the company, and will 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).

RATING SENSITIVITIES
Any perceived changes in BOC's propensity and ability to provide extraordinary support to BOC Aviation would impact BOC Aviation's IDR and hence the issue rating.