Fitch assigns CDB Leasing notes A+

Fitch Ratings said it assigned an expected rating of A+ to China Development Bank Financial Leasing Co., Ltd.’s (CDB Leasing) planned senior unsecured dollar-denominated notes. CDBL Funding 2 will issue the notes under CDB Leasing’s $10 billion medium-term note program.

CDB Leasing (International) Co. Ltd. (CDB Leasing International) will guarantee the notes with a keepwell and asset-purchase deed undertaking provided by CDB Leasing.

Fitch rated the notes A+ because it equalizes the rating with CDB Leasing’s A+ issuer default rating. The agency said it assumes an “extremely high probability of support from CDB Leasing,” and its ultimate parent China Development Bank to the guarantor and the notes.

The proceeds will be used for working capital and general corporate purposes.

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