Fitch: Bank of China notes A

Fitch Ratings said it assigned an expected long-term rating of A to Bank of China Group Investment’s guaranteed dollar-denominated notes.

The bank is a wholly owned subsidiary of Bank of China and is the primary direct investment and investment management arm of Bank of China, Fitch said.

The notes will be issued by wholly owned special purpose vehicle Amipeace Ltd. under its HK$10 billion medium-term note program, which has an A rating, the agency said.

The notes are expected to be of benchmark size and will be issued in two tranches with maturities of three- and five-years, Fitch said.

All sums of interest and principal payable on notes are unconditionally and irrevocably guaranteed by Bank of China’s Macau Branch, the agency said.

The rating is equivalent to the bank’s issuer default rating, which is driven by extremely high expectations of state support, if required, Fitch said.

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