Moody’s gives Bank of China notes A1

Moody's Investors Service said it assigned an A1 rating to the proposed euro-denominated senior unsecured notes to be issued by Bank of China Ltd., Luxembourg Branch; dollar-denominated senior unsecured notes to be issued by Bank of China Ltd., Singapore Branch; and Australian dollar-denominated senior unsecured notes to be issued by Bank of China Ltd., Sydney Branch.

The outlook is stable.

The notes will be issued under Bank of China’s $40 billion medium-term note program as part of the Belt and Road Initiative.

Moody’s said the A1 rating and stable outlook for the notes are in line with the bank’s long-term deposit rating and outlook and reflect the structure of the proposed issuances.

The senior unsecured notes will constitute a direct, general, unsubordinated, unconditional, and unsecured obligation of the issuers. The notes will be redeemable at principal on maturity.

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