S&P rates Bank of China Hong Kong notes

S&P said it assigned its A long-term and A-1 short-term issue rating to a $20 billion medium-term note program by Bank of China Ltd. (A/stable/A-1; cnAA+/cnA-1).

At the same time, the agency assigned its cnAA+ long-term and cnA-1 short-term Greater China regional scale ratings to the program.

It also assigned an A long-term issue rating and cnAA+ Greater China regional scale rating to the proposed senior notes drawdown by Bank of China Ltd. Hong Kong Branch.

S&P said the ratings assigned to the medium-term note program reflect our ratings on Bank of China, but are only applicable to the senior unsecured portion under the program. Senior notes constitute direct, general, unsubordinated, unconditional, and unsecured obligations of Bank of China and at all times rank equally among themselves. Notes under the program can be any maturity, and may be issued by Bank of China or any of its branches, including its Hong Kong branch.

The ratings assigned to the proposed drawdown by Bank of China Hong Kong Branch reflect the structure of the proposed issuance, the agency explained.

The senior unsecured notes will be denominated in dollars, have a maturity of more than one year, pay floating- and/or fixed-rate coupons, and will be redeemable at par.

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