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Standard & Poor's upgrades BOC Aviation's credit rating to 'A-'
Standard & Poor's (S&P) has upgraded BOC Aviation's long-term credit rating to 'A-' from 'BBB' previously.
Owned by the Bank of China, the aircraft leasing company has its headquarters in Singapore and offices in Dublin, London, Seattle and Tianjin.
"The stable outlook on BOC Aviation reflects our expectation that the company will remain strategically important to Bank of China and our expectation of indirect government support through the bank in the event of financial distress," S&P said in a report. "The stable outlook also reflects our expectation that the company will maintain its sound market share and competitive position and that its 'significant' financial risk profile will remain broadly stable through 2017."
In addition, S&P raised the company's Asean regional scale rating to 'axAA' from 'axA', and its issue rating on BOC Aviation's global medium-term notes programme, drawdowns under the programme, and senior unsecured notes to 'BBB+' from 'BBB-'.
All ratings have also been removed from CreditWatch, where they were placed with positive implications on Dec 18 last year.