Fitch Affirms BOC Aviation at ‘A-‘; Outlook Stable

Fitch Ratings has affirmed the ‘A-‘ Long-Term Issuer Default Rating (IDR) of BOC Aviation and the ‘A-‘ ratings of its senior unsecured debt and medium-term note programmes. The Rating Outlook is Stable. Fitch has also assigned Shareholder Support Rating (SSR) of ‘a-‘ to BOC Aviation, in line with Fitch’s updated ‘Non-Bank Financial Institutions Rating Criteria’ published Jan. 31, 2022. BOC Aviation’s ratings reflects Fitch’s expectation of a high probability of extraordinary support from BOC Aviation’s ultimate parent, Bank of China Limited (BOC; A/Stable), if required. The affirmation reflects Fitch’s view that BOC’s propensity and ability to support BOC Aviation remain intact