Fitch rates Bank of China notes A

Fitch Ratings said it assigned an expected A rating to proposed senior unsecured notes to be sold by the Bank of China Ltd. (Hong Kong Branch). The bank plans to issue fixed-rate notes denominated in U.S. dollars.

The agency said these notes will be issued as Yulan bonds, interconnected between the Shanghai Clearing House and Euroclear’s networks to provide registration, depositary and settlement services for Chinese issuers and overseas investors.

BOC’s Hong Kong branch is part of the same legal entity as BOC. The notes will represent BOC’s direct, unconditional, unsecured and unsubordinated obligations and are rated in line with its long-term issuer default rating (IDR), underpinned by the agency’s expectations of an extremely high probability of support from the Chinese government if needed, Fitch said.

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