...The issuer credit ratings on Bank of Communications Financial Leasing Co. Ltd. (BOCOMFL) reflect our view that it is a core subsidiary of Bank of Communications Co. Ltd. (BOCOM: A-/Negative/A-2; cnAA-/cnA-1), at least over the next 12-24 months. We therefore equalize the ratings on the company with that on the parent. We no longer maintain a stand-alone credit profile (SACP) assessment on BOCOMFL. BOCOMFL's leasing business is integral to the group's strategy to serve as a comprehensive provider of financial products and services. The company also serves as a platform for the group to expand its customer base overseas through its offshore aviation and ship leasing businesses. BOCOMFL and its parent share the same brand name and branch network, and are closely tied in terms of reputation. The full integration of BOCOMFL within group also includes business development and risk management. BOCOMFL is a regulated financial institution subject to the regulation and supervision by the Chinese...
