S&P rates Bank of China (Hong Kong) notes BBB+

Standard & Poor's said it assigned a BBB+ rating to Bank of China (Hong Kong) Ltd.'s proposed dollar-denominated 5.55% subordinated notes due 2020. This comes after the bank's $1.6 billion 5.55% subordinated notes due 2020, which were issued in February and rated BBB+.

The proposed subordinated notes will be direct, unsecured and subordinated to the claims of senior creditors, S&P said. The proposed notes will rank senior to all share capital of the bank, core capital securities and other junior subordinated securities.

The difference between the rating on the proposed notes and the A- counterparty credit rating on the bank reflects the subordinated nature of the notes, S&P said.

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