Fitch rates Bank of China notes A

Fitch Ratings said it assigned an expected A rating to Bank of China Ltd. (Taipei branch)'s proposed long-term senior unsecured notes to be issued under its medium-term note program.

The notes will be denominated in Chinese yuan and carry fixed rates, Fitch said.

The proceeds will be used for general corporate purposes.

The bank's Taipei branch is part of the same legal entity as the bank, so the notes to be issued represent direct, unconditional, unsecured and unsubordinated obligations and are rated in line with the bank's long-term issuer default rating of A with stable outlook.

The ratings are underpinned by expectations of an extremely high probability of support from the Chinese sovereign in the event of stress, Fitch said.

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