S&P rates Bank of China notes A

S&P said it assigned its A long-term issue rating to the proposed drawdowns by Bank of China Ltd. Hong Kong Branch.

The notes will be denominated in U.S. dollars, and redeemable at par on maturity. They will constitute direct, general, unsubordinated, unconditional, and unsecured obligations of the issuer.

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

“We equalize the issue rating on the proposed notes with the long-term issuer credit rating on Bank of China (A/stable/A-1). We view the creditworthiness of the bank's branches as the same as that of the bank, according to our criteria,” S&P said in a press release.

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