Moody's rates Bank of China notes A1

Moody's Investors Service said it assigned an A1 rating to the proposed senior unsecured notes to be issued by Bank of China Ltd., Hong Kong branch.

The notes will be issued under the bank's $40 billion medium-term note program.

The outlook is stable.

The A1 rating and stable outlook are in line with the bank's long-term deposit rating and outlook, Moody's said, and reflect the structure of the proposed issuances.

The senior unsecured notes will constitute a direct, general, unsubordinated, unconditional and unsecured obligation of the issuers, the agency said.

The notes will be redeemable at principal on maturity, Moody's said.

The bank's standalone baseline credit assessment is Baa1, the agency said.

The rating of senior unsecured notes is in line with the bank's long-term deposit rating. Any changes to the bank's long-term deposit rating will lead to a similar rating action on the senior unsecured notes, Moody's said.

The ratings reflect an expectation of a very high level of government support, the agency said.

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