Moody's gives Bank of China (Hong Kong) notes A1

Moody's Investors Service said it assign an A1 rating to the foreign-currency subordinated notes to be issued by Bank of China (Hong Kong) Ltd. The rating is subject to the receipt of final documents.

The outlook is stable.

The issue will be consolidated and rank pari passu with the subordinated notes issued by the bank in February 2010.

The rating reflects the bank's solid franchises and financials, the structure of the notes and the possible systemic support from the Hong Kong government, Moody's said,

The notes would represent direct, unsecured and subordinated obligations of the bank, the agency said, and the A1 rating is one notch below its senior obligations rating of Aa3.

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