China Aircraft Leasing has received a AAA corporate credit rating by Chinese outfit Dagong Global Credit Rating, the first time the lessor has received such a rating.
It also, according to CALC, the first triple A corporate rating Dagong Global has assigned to an operating aircraft lessor against a backdrop of the Covid-19 pandemic.
After conducting due diligence on CALC’s asset quality, business model, operating capabilities, financial strength, shareholder background, governance standards and track record, Dagong Global outlined its assessments in a ratings report which said that the firm has established a sufficient aircraft order book and has assembled diversified financing channels with its debt interests well covered by recurring profits.
Zhao Wei, Chairman of CALC said, “This rating fully demonstrates CALC’s solid business fundamentals and long-term development prospects. Though the aviation market is facing stringent challenges in 2020, CALC has managed to turn this crisis into an opportunity, well demonstrating its resilience. CALC is one of the four core enterprises of China Everbright Limited, and we will provide strong support for its continued expansion along the aviation value chain as we have always done and facilitate it to emerge as a world leading full value chain aircraft solutions provider.”
In a statement announcing the move CALC said that the policy package unveiled by the Chinese Government in response to COVID 19 has effectively promoted a stable development of the aviation industry.
“As the epidemic gradually comes under control, China's civil aviation market has been experiencing the strongest recovery momentum in the world,” said CALC.