Fitch: CCB Leasing notes A

Fitch Ratings said it assigned final long-term and short-term ratings of A and F1 to CCBL (Cayman) 1 Corp. Ltd.’s $5 billion medium-term-note program.

The agency also said it assigned final long-term ratings of A to the $400 million 2 3/8% guaranteed notes due 2019 and $600 million 2¾% guaranteed notes due 2021 issued under the program.

The ratings are supported by a guarantee from CCB Leasing (International) Corp. Ltd. and benefit from support deeds provided by CCB Financial Leasing Corp. Ltd.

CCBL (Cayman) 1 is an offshore special purpose vehicle established as the primary overseas platform for CCB Leasing’s aviation leasing business, Fitch explained.

CCB Leasing is wholly owned by China Construction Bank Corp., the agency added.

The final ratings are in line with the expected ratings assigned May 18, Fitch said.

The ratings reflect an extremely high probability of support from CCB Leasing to the issuer and are in line with CCB Leasing’s long-term issuer default ratings of A, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.