Fitch Rates BOC Aviation's Senior Notes 'A-(EXP)'

(The following statement was released by the rating agency) SINGAPORE, April 24 (Fitch) Fitch Ratings has assigned BOC Aviation Pte Ltd's (BOC Aviation) proposed USD-denominated senior notes an expected rating of 'A-(EXP)'. The notes will be issued under the company's USD2bn euro medium-term note programme. The final rating is subject to the receipt of final documentation conforming to information already received. Key Rating Drivers The notes are rated at the same level as BOC Aviation's 'A-' Long-Term Issuer Default Rating (IDR). This is because the notes will constitute direct, unsubordinated and senior unsecured obligations of the company, and will rank equally with all its other unsecured and unsubordinated obligations. The IDR, presently on a Stable Outlook, reflects Fitch's view of a very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Limited (BOC; 'A'/Stable). Rating Sensitivities 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 would be used for the company's new capital expenditure and general corporate purposes. For more details on BOC Aviation's ratings and credit profile, see "Fitch Rates BOC Aviation 'A-'; Outlook Stable", dated 25 June 2012, and BOC Aviation's full rating report, dated 13 September 2012, available at www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com. Contacts: Primary Analyst Alfred Chan Director +65 6796 7220 Fitch Ratings Singapore PTE Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Mikho Irawady Associate Director +65 6796 7230 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com. Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012, "Rating FI Subsidiaries and Holding Companies", dated 10 August 2012, and "Finance and Leasing Companies Criteria", dated 11 December 2012, are available at www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com. Related research, "Fitch Rates BOC Aviation 'A-'; Outlook Stable", dated 25 June 2012, "BOC Aviation's full rating report", dated 13 September 2012 Applicable Criteria and Related Research Global Financial Institutions Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181 Rating FI Subsidiaries and Holding Companies http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679209 BOC Aviation Pte Ltd http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=687311 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=789421 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.