Fitch Ratings has confirmed the rating on BOC Aviation's upsized $500 million 4.375% senior notes offering due 2023. The deal has been rated long-term "A-", and the move follows the increase in the size of the notes from $350 million.
The notes, which were issued under BOC Aviation's $2 billion euro medium-term note programme, were assigned a final rating on 2 May 2013.
The notes are rated at the same level as BOC Aviation's "A-" long-term issuer default rating (IDR). The IDR has a stable outlook, reflecting Fitch's view of a "very high probability of extraordinary support" to BOC Aviation from its ultimate parent, Bank of China.