Fitch rates AVICIL’s SPV’s proposed Euro Notes A-(EXP)

Fitch Ratings has assigned an expected rating of ‘A-(EXP)’ to China-based AVIC International Leasing Co., Ltd.’s (AVICIL, A-/Stable) proposed senior unsecured euro-denominated notes issued under Soar Wise Limited’s US$2 billion medium-term note (MTN) programme (A-). Soar Wise is AVICIL’s wholly owned offshore SPV, registered in the Cayman Islands. The proposed notes will be listed on the Hong Kong Stock Exchange and the proceeds will be used for working capital and general corporate purposes.