CDB Aviation Receives Investment Grade Ratings from Moody’s, S&P Global and Fitch
Strategic Milestone Underscores the Company’s Strong Position and Its Commitment to the Long-Term Growth Strategy
DUBLIN – April 25, 2019 – CDB Aviation Lease Finance Designated Activity Company (“CDB Aviation”), a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced today that the ‘big three’ global credit rating agencies have each assigned strong investment grade (“IG”) issuer credit ratings to CDB Aviation. This important milestone has been reached on schedule, as part of CDB Aviation’s strategic effort to transform its aircraft leasing platform into a global, best-in-class, full-service lessor.
Moody’s Investors Service (“Moody’s”) assigned its ‘A1’ local currency and foreign currency issuer ratings with outlook stable. S&P Global Ratings (“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. Crédit Agricole Corporate and Investment Bank acted as CDB Aviation’s Ratings advisor.
“We are excited to have achieved our first-time issuer IG credit ratings as planned, aiding the growth and increasing the visibility of our world-class platform,” said CDB Aviation Chief Executive Officer Peter Chang. “These ratings acknowledge our strong position and set the stage for the continued development of in-depth relationships with the world’s leading banks and investors, while demonstrating our continued commitment to a long-term growth strategy, despite the challenges and highly competitive environment prevailing in the aviation finance market.”
Will Gramolt, CDB Aviation Chief Financial Officer, commented: “The credit rating agencies’ endorsement of our aircraft leasing platform is clear evidence of the strength of our shareholder, our business, our portfolio, and our highly experienced global team. We look forward to capitalizing on the enhanced flexibility these ratings bring in further diversifying our financing sources and investor base, and in maintaining the competitive cost of funds that is a vital part of our success as a leading global full-service lessor.”
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. 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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