Fitch: BOC Aviation notes A-

Fitch Ratings said it assigned a final rating of A- to BOC Aviation Pte. Ltd.'s $350 million 4 3/8% senior notes due 2023 issued under its $2 billion euro medium-term note program.

This follows the completion of the notes issue and receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned April 24, Fitch said.

The notes are rated at the same level as BOC Aviation's A- long-term issuer default rating, the agency said.

This is because the notes 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 stable outlook reflects the very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Ltd., the agency said.

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

Proceeds from the senior notes are for the company's new capital expenditure and general corporate purposes.

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