CDB Aviation’s Investment Grade Rating Reaffirmed by S&P Global, Fitch and Moody’s
Reaffirmation Underscores Lessor’s Robust Operating Platform Backed by Strong Shareholder Support, Industry-Leading Team, and Long-Term Growth
DUBLIN – June 15, 2020 – CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced that the company’s investment grade (“IG”) rating has been reaffirmed by the ‘big three’ global credit rating agencies: S&P Global Ratings (“S&P Global”), Fitch Ratings (“Fitch”), and Moody’s Investors Service (“Moody’s”).
“We’re very delighted to receive the issuer IG rating reaffirmations from the three credit agencies,” commented CDB Aviation Chief Executive Officer Patrick Hannigan. “These endorsements acknowledge the continued strength of our operating platform and the robust success of our top-calibre team’s ongoing efforts to position the business to deliver from a position of strength to meet both the near-term and long-term needs of our airline customers and further advance growth momentum during these unprecedented times.”
- S&P Global assigned its ‘A’ long-term issuer credit rating with outlook stable.
- Fitch Ratings (“Fitch”) assigned its long-term Issuer Default Rating (IDR) of ‘A+’ with outlook stable.
- Moody’s assigned its ‘A1’ local currency and foreign currency issuer ratings with outlook negative.
The reaffirmed ratings also underscore “the unwavering support of our shareholder, CDB Leasing, and the unique resources of China Development Bank, for which we are grateful,” expressed Hannigan, emphasizing the support is key, especially during these challenging times, to “enabling us to advance the disciplined growth of our global footprint, fleet, and market presence.”
In light of evolving aviation market dynamics, CDB Aviation will continue to capitalize on the enhanced flexibility facilitated by these ratings in order to “diversify our financing sources and investor base, while maintaining our highly competitive market position as a leading, global full-service lessor,” concluded Hannigan.
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”) a 35-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A1), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.cdbaviation.aero
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