S&P rates Bank of China notes A

S&P said it assigned an A rating to a proposed Bank of China Ltd. drawdown from the bank’s $40 billion medium-term note program. The issuers of the proposed senior unsecured notes are the Bank of China Ltd. Hong Kong branch for the U.S.-dollar-denominated drawdown and the Bank of China Ltd. Luxembourg branch for the euro-denominated drawdown. The Luxembourg branch will guarantee the euro-denominated notes.

The issue ratings on the proposed notes have been equalized with the long-term issuer credit rating on Bank of China.

“We view the creditworthiness of the bank's branches as the same as that of the bank, according to our criteria. The issuers intend to use the proceeds for general corporate purposes,” said S&P in a press release.

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