Hong Kong, September 02, 2016 — Moody’s Investors Service has upgraded the rating on the notes issued by Dragon Aviation Finance Luxembourg S.A., acting in respect of its Compartment Dragon Aviation 2014-01.

Issuer: Dragon Aviation Finance Luxembourg S.A., acting in respect of its Compartment Dragon Aviation 2014-01

….USD583,370,000 Fixed Rate Secured Instalment Notes due 2022, Upgraded to A1 (sf); previously on Aug 1, 2016 A2 (sf) Placed Under Review for Upgrade

RATINGS RATIONALE

The upgrade of the notes is the result of the rating upgrade of ICBC Financial Leasing Co., Ltd. (ICBCFL).

Moody’s upgraded ICBCFL’s long-term foreign currency issuer rating to A1 from A2 on 31 August 2016.

The notes are secured by a portfolio of asset loans. The rating of the notes is based primarily on the credit quality of ICBCFL’s ability to honor its senior unsecured payment obligations under the put agreements. This is because repayments on the notes will rely on the put payments upon default of the underlying loan borrowers.

The principal methodology used in this rating was Moody’s Approach to Rating Repackaged Securities published in June 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Any change to ICBCFL’s long-term issuer rating rating could lead to a change to the rating of the notes.

The rating of the notes is — to a lesser extent — dependent on the long-term foreign currency senior unsecured rating of Credit Agricole Corporate and Investment Bank (CACIB, A1), the liquidity facility provider in this transaction.

A significant rating downgrade of CACIB could lead to a downgrade of the rating of the notes.