OREANDA-NEWS. Fitch Ratings has assigned BOC Aviation Pte Ltd's (BOC Aviation) USD750m 3.0% senior unsecured notes due 2020 a final rating of 'A-'. The notes are issued under the aircraft leasing company's USD5bn global medium-term note (GMTN) programme.

This follows the completion of the notes issue and receipt of final documentation conforming to information already received. The final rating is the same as the expected rating assigned on 23 March 2015. 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 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).

RATING SENSITIVITIES

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