Fitch assigns A+ to CDB Leasing notes

Fitch Ratings said it assigned an expected A+ rating to China Development Bank Financial Leasing Co., Ltd.'s planned U.S. dollar senior unsecured notes, which will be issued by CDBL Funding 2 under CDB Leasing's $10 billion medium-term note program.

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

CDBL Funding 2 is an offshore special purpose vehicle set up by CDB Leasing International, the core operating platform directly wholly owned by CDB Leasing. The ultimate parent of CDB Leasing International and CDB Leasing is China Development Bank (CDB).

“The expected rating on the proposed notes is equalized with the long-term issuer default rating (IDR) on CDB Leasing because we assess there is an extremely high probability of support from CDB Leasing and its ultimate parent bank, CDB, to CDB Leasing International and the notes,” Fitch said in a press release.

The outlook is stable.

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