S&P assigns BOC Aviation notes A-

S&P said it assigned its A- issue rating to BOC Aviation Ltd.’s $750 million of 10-year 2 5/8%, senior unsecured notes under the company’s $15 billion global medium-term note program.

“We equalize the issue rating on the notes with the issuer credit rating on BOC Aviation because we believe the debt does not have significant subordination risk. As of June 30, 2020, the company’s capital structure consists of $14.9 billion in unsecured debt and $1.2 billion in secured instruments,” the agency said in a press release.

BOC Aviation will use the proceeds for capital expenditure, refinancing, and general corporate purposes.

The outlook is negative.

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