Fitch rates China Everbright notes BBB

Fitch Ratings said it assigned an expected rating of BBB to China Everbright Bank, Hong Kong Branch's proposed dollar-denominated long-term senior unsecured notes to be issued under its medium-term note program.

The notes will be listed on the Hong Kong Stock Exchange and the proceeds are intended to be used to finance or refinance eligible green assets, which may include those relating to renewable energy, clean transportation, solid waste treatment, wastewater treatment, climate change adaptation, energy efficiency and green buildings.

The bank is part of the legal entity, China Everbright Bank Co. Ltd. (BBB/stable). Therefore, the notes to be issued under the program ultimately represent direct, unconditional, unsecured and unsubordinated obligations of China Everbright Bank, and are rated in line with its long-term issuer default rating of BBB with a stable outlook, Fitch said.

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