Fitch rates China Everbright notes BBB

Fitch Ratings said it assigned an expected rating of BBB to China Everbright Bank Co. Ltd.’s planned long-term senior unsecured notes to be sold by China Everbright Bank Co., Ltd., Hong Kong Branch under the branch's $5 billion medium-term note program. The issue amount and maturity structure will be finalized upon settlement.

“CEB Hong Kong Branch is part of the same legal entity as CEB. Therefore, the proposed notes to be issued under the MTN program will represent CEB's direct, unconditional, unsecured and unsubordinated obligations and are rated in line with its long-term issuer default rating (IDR), which is underpinned by Fitch's expectations of a high probability of support from the Chinese sovereign (A+/stable) in the event of stress,” Fitch said in a press release.

The proceeds will be used to support the branch's general funding needs.

The outlook is stable.

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