S&P rates Bank of China notes A

S&P said it assigned an A long-term issue rating to the proposed dollar-, euro- and Chinese renminbi denominated senior unsecured green bonds to be issued by Bank of China Ltd. (Paris Branch).

The notes are to be issued pursuant to Bank of China Ltd.'s $30 billion medium-term note program.

The rating on the notes reflects the structure of the proposed issuance and is in line with issuer credit ratings on the bank, S&P said.

The U.S. dollar-denominated notes will have a tenor of five years and pay fixed- or floating-rate coupons; the euro-denominated notes will have a tenor of three years and pay floating-rate coupons; and the renminbi-denominated notes will have a tenor of three years and pay fixed coupons.

These notes will be redeemable at par on maturity.

The notes will constitute direct, general, unsubordinated, unconditional and unsecured obligations of the bank and will at all times rank equally among themselves, S&P said.

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