We consider Hong Kong-based BoCom Leasing Management HK to be a core subsidiary of BoComFL and, in turn, core to BoCom. In our view, the company plays a key role in developing the parent's offshore ship leasing business and its line of business is integral to BoCom group's internationalization strategy. We equalize the issuer rating on BoCom Leasing Management HK with that on the ultimate parent. We are assigning our 'A-' long-term and 'A-2' short-term issuer credit ratings to BoCom Leasing Management HK. We are assigning our 'A-' long-term and 'A-2' short-term issue ratings to a US$7 billion MTN program guaranteed by BoCom Leasing Management HK. We are also assigning our 'A-' long-term to a proposed drawdown under this program.
