Fitch rates BOC Aviation’s proposed guaranteed senior unsecured notes

Fitch Ratings has assigned an expected rating of ‘A-(EXP)’ to BOC Aviation (USA) Corporation’s (BOCA USA) proposed senior notes to be guaranteed by BOC Aviation Limited (A-/Stable), and to be issued under the USD15 billion global medium-term note (GMTN) programme of BOC Aviation. The issuing entity of the proposed notes is BOCA USA, a wholly owned subsidiary of BOC Aviation established in 1999 and incorporated in Nevada, in the US. BOCA USA owned a total of 47 aircraft as of 31 December 2020, mainly leased to airlines operating in the US. The proposed notes will be listed on the Singapore