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S&P revises BOC Aviation outlook to negative, affirms ratings

S&P Global Ratings said it revised its outlook on BOC Aviation Ltd. to negative from stable due to high uncertainty regarding the magnitude and duration of the earnings slump for airlines globally as a result of the COVID-19 pandemic.

At the same time, the rating agency affirmed the aircraft leasing company's long-term issuer credit rating and long-term issue ratings on its senior unsecured notes at A-.

As a result of the high uncertainty, BOC Aviation's lease collections could be affected for the next few months, the rating agency said. In addition, substantial committed investments could add pressure on the company's credit metrics, the agency said.

The affirmation reflects the likelihood of support from parent company Bank of China Ltd. as well as the expectation of a quick recovery in BOC Aviation's earnings. S&P said the company looks committed to spend about US$8.5 billion by the end of 2021 on aircraft purchases.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.