Bank of Communications Financial Leasing Co. Ltd.

Core subsidiary of BOCOM The rating on Bank of Communications Financial Leasing Co. Ltd. (BOCOMFL) reflect our view that the company is a core subsidiary of Bank of Communications Co. Ltd. (BOCOM: A-/Stable/A-2; cnAA/cnA-1). In addition, we believe that any potential extraordinary government support to BOCOM would indirectly flow to BOCOMFL in a timely manner. We therefore equalize the rating on BOCOMFL with that on the parent bank. BOCOMFL plays an important role as a specialized leasing arm to complement the group's comprehensive suite 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. We believe BOCOMFL is strategically aligned with

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS JUNE 30, 2017 5...

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