S&P rates Bank of China notes A

S&P said it assigned its A long-term issue rating to Bank of China Ltd. (Hong Kong Branch)’s proposed issuance of dollar-denominated fixed-rate notes (Yulan bonds). The notes will draw down from Bank of China’s $40 billion medium-term note program.

“The rating on the notes reflects our long-term issuer credit rating on BOC (A/stable/A-1). We view the creditworthiness of the Hong Kong branch as equal to that of the bank,” S&P said in a press release.

The bank plans to use the proceeds for general corporate purposes.

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