S&P gives Bank of China notes A

S&P said it assigned its A long-term issue ratings to the proposed drawdowns of senior notes under the $40 billion medium term note program of Bank of China Ltd. (A/stable/A-1).

The senior notes are denominated in Japanese yen and/or Chinese yuan and will be issued by the bank’s Tokyo branch.

Proceeds will be used to fund eligible projects related to sustainable water and wastewater management and clean transportation.

“We have equalized the issue ratings on the senior notes with the issuer credit ratings on BOC. We view the creditworthiness of the bank's Tokyo branch to be the same as that of the bank, according to our criteria,” the agency said in a news release.

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