Moody’s affirms Bank of China

Moody's Investors Service said it affirmed Bank of China (Hong Kong) Ltd.'s foreign and local currency deposit ratings at Aa3/P-1 and the bank's foreign currency senior unsecured medium-term note program rating at provisional Aa3.

The agency also affirmed the bank's baseline credit assessment and adjusted baseline credit assessment at a2, its foreign currency commercial paper rating at P-1, its counterparty risk assessment at Aa2(cr)/P-1(cr), and its foreign currency subordinated debt and medium-term note program rating at A3/provisional A3.

Moody's assigned Aa2/P-1 local and foreign currency counterparty risk ratings to the bank.

The outlook remains negative.

The agency said the affirmation takes into account the bank's strong standalone credit profile, potential reduction in future government support, and uncertainty regarding the quantum of the bank's future loss absorbing capacity debt issuance.

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