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."