Fitch rates CCB Asia program A

Fitch Ratings said it assigned China Construction Bank (Asia) Corp. Ltd.’s (CCB Asia; A/stable) $5 billion medium-term note program long-term and short-term ratings of A and F1, respectively.

At the same time, the agency assigned CCB Asia's Basel III-compliant Tier 2 subordinated note an expected A-(EXP) rating.

The program is rated at the same level as CCB Asia's long-term and short-term issuer default ratings of A and F1, respectively, as senior notes issued under the program will represent direct, unconditional, unsubordinated and unsecured obligations of CCB Asia. Such obligations will rank pari passu with all other present and future unsecured and unsubordinated obligations of CCB Asia.

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