Fitch: BOC Aviation notes A-

Fitch Ratings said it assigned an expected A- rating to BOC Aviation Pte Ltd.'s proposed dollar-denominated senior notes.

The notes will be issued under the company's $2 billion euro medium-term note program.

The final rating is subject to the receipt of final documentation conforming to information already received.

The notes are rated at the same level as BOC Aviation's A- long-term issuer default rating. This is because the notes will constitute direct, unsubordinated and senior unsecured obligations of the company, Fitch said, and will rank equally with all its other unsecured and unsubordinated obligations.

The outlook is stable.

The ratings reflect the high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Ltd., the agency said.

Any perceived changes in the company's propensity and ability to provide support would impact BOC Aviation's ratings, Fitch said.

The proceeds will be used for the company's new capital expenditure and general corporate purposes, the agency said.

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