Moody's rates Bank of China bonds A1

Moody's Investors Service said it assigned an A1 rating to the various proposed Japanese yen-denominated or Chinese yen-denominated fixed-rate senior unsecured green bonds to be issued by Bank of China Ltd., Tokyo branch.

The bonds will be issued under the bank's $40 billion medium-term note program.

The outlook is stable.

The rating on the bonds is in line with the bank's long-term deposit rating and outlook, reflecting the structure of the proposed issuances, Moody's said.

The senior unsecured bonds will constitute a direct, general, unsubordinated, unconditional and unsecured obligation of the issuers, the agency said.

The bonds will be redeemable at principal on maturity, Moody's said.

The bank's standalone baseline credit assessment is Baa1, the agency said.

The long-term deposit rating of the bank is at the same level of the Chinese government bond rating after factoring in a very high level of government support, Moody's said.

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