21May 2015, Hong Kong] The largest independent aircraft lessor in China – China Aircraft Leasing Group Holdings Limited (“CALC” or “the Group”, stock code: 01848.HK) is pleased to announce the National Association of Financial Market Institutional Investors has approved of the issuance of the medium term notes (the “Medium Term Notes”) by the Group’s wholly-owned subsidiary China Asset Leasing Company Limited (“CALC (TJ)”). CALC (TJ) and the Medium Term Notes are rated AA by a credit rating agency, China Cheng Xin International Credit Rating Co. Ltd. (“China Cheng Xin International”). The registered amount of the Medium Term Notes is RMB 340 million in five years, and the issuance shall be completed by within two months, for which Shanghai Pudong Development Bank will act as the lead underwriter and bookrunner of the issuance.

China Cheng Xin International has granted CALC (TJ) and its Medium Term Notes a credit rating of AA after comprehensive assessment of the macro economy, industry environment, financial position of CALC (TJ), as well as its shareholder background. The rating has positively affirmed CALC (TJ)’s strong shareholder background, professional management capability, solid business momentum as well as excellent asset quality. The rating is a testimony that CALC (TJ) has relatively strong debt repayment ability, it will be less affected by unfavourable economic environment and the risk of default is very low. 

Dr. Mike POON, Chief Executive Officer of CALC said, “CALC(TJ) is the first aircraft leasing company in the PRC, as well as the first enterprise in the Tianjin Free Trade Zone to receive approval to issue Medium Term Notes. China Cheng Xin International’s AA credit rating of CALC (TJ) represents the market’s recognition of the Group’s solid foundation for development and long-term value. The Group has been actively exploring diversified financing channels in innovative ways to increase its working capital. The issuance of the Medium Term Notes will open up a domestic financing platform for the Group, and further enhance CALC’s credibility among the financial market, thus laying a stronger foundation for the Group’s development. The Group will actively promote the issuance of the notes and the funds raised will be used on aircraft acquisition and fleet expansion, in order to continuously promote the rapid development of the Group’s aircraft leasing business.”