S&P rates Bank of China preferreds BB-

Standard & Poor’s said it assigned a BB- rating to the noncumulative preference shares of Bank of China Ltd., along with a cnBB+ Greater China regional scale rating.

The debut offshore issue is part of the bank’s plan to raise up to RMB 100 billion in preference shares onshore and offshore, S&P said.

The Basel III-compliant issue qualifies as regulatory additional tier-1 capital, S&P said.

The rating assigned to the new issue reflects the application of the agency’s new hybrid capital criteria published in September, the agency said.

The rating has taken into account issue-level risks determined in part by the issuer’s regulatory environment, including provisions related to the implementation of the Basel III framework, S&P said.

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