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Rating Action:

Moody's upgrades CDBL Funding 1's MTN and backed senior unsecured note ratings

25 Apr 2019

Hong Kong, April 25, 2019 -- Moody's Investors Service has upgraded to (P)A1 from (P)A2 CDBL Funding 1's backed long-term senior unsecured rating for its medium-term note (MTN) program with a keepwell deed from China Development Bank Financial Leasing Co., Ltd. (CDB Financial Leasing A1 stable) and a guarantee under a trust deed by CDB Aviation Lease Finance Designated Activity Company (CDB Aviation, A1 stable).

At the same time, Moody's has upgraded the backed senior unsecured note ratings under this MTN program to A1 from A2.

Moody's has also affirmed CDBL Funding 1's (P)A1 backed long-term senior unsecured rating for the MTN program supported by a guarantee deed directly from CDB Financial Leasing.

In addition, Moody's has affirmed CDBL Funding 1's (P)P-1 backed short-term program ratings.

CDBL Funding 1, incorporated in the Cayman Islands, is wholly owned by CDB Aviation, which is in turn wholly owned by CDB Financial Leasing. CDBL Funding 1 is a special purpose vehicle and acts as the funding platform for CDB Aviation's aircraft leasing business.

Moody's has assigned a stable outlook to CDB Funding 1. The entity previously did not carry an outlook.

The full list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

The upgrade on CDBL Funding 1's backed MTN program rating — the one which is supported by a keepwell deed from CDB Financial Leasing and a guarantee under a trust deed by CDB Aviation — and the ratings on the notes issued by this program take into account (1) an unconditional and irrevocable guarantee under a trust deed from CDB Aviation, and (2) CDB Aviation's A1 long-term issuer rating, which Moody's assigned on 25 April 2019.

While the MTN program and notes issued under this MTN program are supported by a keepwell deed and asset purchase deed provided by CDB Financial Leasing, they are fully and unconditionally guaranteed by CDB Aviation. The guarantee represents an unsubordinated and unsecured obligation of CDB Aviation. As such, obligations under the guarantee rank pari passu with CDB Aviation's existing and future unsecured and unsubordinated obligations.

Given that Moody's has assigned an A1 issuer rating to CDB Aviation, Moody's has positioned CDBL Funding 1's backed senior unsecured program and note ratings in line with the A1 long-term issuer rating of CDB Aviation. In addition, the stable outlook of CDBL Funding 1 is in line with that of CDB Aviation.

CDB Aviation's A1 long-term issuer rating incorporates the company's 1) standalone assessment of ba2, and 2) a seven-notch uplift based on an affiliate-backed level of support from the company's parent, CDB Financial Leasing, and ultimate parent, China Development Bank (A1 stable), in times of stress. Please refer to the press release of CDB Aviation for more details https://www.moodys.com/research/Moodys-assigns-first-time-A1-issuer-rating-to-CDB-Aviation--PR_397858 .

What Could Change the Rating — Up/Down

MTN program and notes supported by a guarantee under a trust deed provided by CDB Aviation and a keepwell deed by CDB Financial Leasing

The notes to be issued under the MTN program are unconditionally and irrevocably guaranteed by CDB Aviation. The factors that can cause CDB Aviation's ratings to be upgraded and downgraded will also drive this MTN program and note ratings.

CDB Aviation's rating is already at the same level as China's sovereign's rating. Therefore, unless China's sovereign rating is upgraded, upward rating pressure is limited.

On the other hand, if the sovereign constraint is removed, CDB Aviation's ratings could be upgraded if CDB Financial Leasing's ratings are upgraded because of the close integration of its business and operations with the parent.

CDB Aviation's standalone assessment could be raised if the company (1) maintains its strong liquidity and funding position, (2) significantly strengthens its capital to keep the tangible common equity/tangible managed assets ratio above 14%, (3) improves its profitability, and (4) reduces its geographic and client concentration.

The ratings of CDB Aviation are aligned with the ratings of CDB Financial Leasing. Therefore, any downgrade on the parent's ratings would likely result in a downgrade of CDB Aviation's ratings.

The rating of CDB Aviation could also be downgraded if Moody's observes that (1) liquidity and capital support from the parent weakens, (2) the importance of CDB Aviation or the aircraft leasing business in CDB Financial Leasing reduces, for example, its contribution to revenue significantly reduces, and/or (3) a significant shareholding reduction by the parent.

CDB Aviation's standalone assessment could be lowered if the company's (1) liquidity coverage ratio deteriorates significantly by increasing short-term borrowings, (2) its fleet residual risk increases materially, and/or (3) leverage increases materially further without capital replenishments.

MTN program supported by a guarantee provided by CDB Financial Leasing

The notes to be issued under the MTN program will be unconditionally and irrevocably guaranteed by CDB Financial Leasing. The factors that can cause CDB Financial Leasing's ratings to be upgraded and downgraded will also drive this MTN program ratings.

Because CDB Financial Leasing's ratings are aligned with the ratings of its parent bank, China Development Bank, an upgrade of its parent bank's ratings would likely result in an upgrade of CDB Financial Leasing's ratings.

CDB Financial Leasing's standalone assessment could be raised if the company (1) maintains good asset quality, (2) reduces the tenor mismatch between its assets and liabilities, improves its profitability and (3) strengthens its capital ratios relative to managed assets.

The ratings of CDB Financial Leasing are aligned with the ratings of its parent. Any downgrade on the parent's ratings would likely result in a downgrade of CDB Financial Leasing's ratings.

The ratings of CDB Financial Leasing could also be downgraded if there is (1) a weakening in its liquidity and capital support from the parent, (2) a decline in the business relationship with and management control of the parent bank, or (3) a significant shareholding reduction by the parent bank to less than 50.1% ownership in the company.

CDB Financial Leasing's standalone assessment could be lowered if the company shows (1) deteriorating asset quality and rising credit cost; (2) weakening liquidity and funding profile; and/or (3) weakening capital level.

The principal methodology used in these ratings was Finance Companies published in December 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Headquartered in Dublin, CDB Aviation Lease Finance Designated Activity Company reported total assets of USD6,396 million at the end of 2018.

Headquartered in Shenzhen, China Development Bank Financial Leasing Co., Ltd. reported total assets of RMB238 billion at the end of 2018.

LIST OF AFFECTED RATINGS:

.... BACKED senior unsecured foreign currency long term note ratings supported by a keepwell deed by CDB Financial Leasing and a guarantee under a trust deed by CDB Aviation upgraded to A1 from A2

.... BACKED senior unsecured long term foreign currency MTN program rating under a keepwell deed by CDB Financial Leasing and a guarantee under a trust deed by CDB Aviation upgraded to (P)A1 from (P)A2

.... BACKED senior unsecured short term foreign currency MTN program rating under a keepwell deed by CDB Financial Leasing and a guarantee under a trust deed by CDB Aviation affirmed at (P)P-1

.... BACKED senior unsecured long term and short term foreign currency MTN program ratings supported by a guarantee deed by CDB Financial Leasing affirmed at (P)A1/(P)P-1

Outlook is stable

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Sean Hung
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Yat Man Sally Yim
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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