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Bank of Communications Guaranteed Proposed Bond Rated 'A-' And 'cnAA' Feb 13 Product Image

Bank of Communications Guaranteed Proposed Bond Rated 'A-' And 'cnAA' Feb 13

  • ID: 2417654
  • February 2013
  • Standard & Poors

Abstract
HONG KONG (Standard & Poor's) Feb. 19, 2013--Standard & Poor's Ratings Services said today that it assigned its 'A-' long-term issue rating and 'cnAA' Greater China credit scale rating to the proposed issue of a senior unsecured bond by Azure Orbit International Finance Ltd. The Hong Kong branch of Bank of Communications Co. Ltd. (BoCom; A-/Stable/A-2; cnAA/cnA-1) will provide an unconditional and irrevocable guarantee for the proposed bond. The issue rating is subject to our review of the final issuance documentation. Azure Orbit is a special-purpose vehicle under JY Aviation Leasing Ireland Co. Ltd., which in turn is wholly owned by BoCom. We have equalized the rating on the proposed bond with that on BoCom because we believe that it...

Companies mentioned in this report are:
- Bank of Communications Co. Ltd.
- Azure Orbit International Finance Ltd.

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Note: Product cover images may vary from those shown

- - Bank of Communications Co. Ltd.
- - Azure Orbit International Finance Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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