Moody's gives Agricultural Bank of China notes A1

Moody's Investors Service said it assigned an A1 rating to the issuance of up to $500 million five-year senior unsecured and unsubordinated notes under the $5 billion medium-term note program of Agricultural Bank of China Ltd. Hong Kong Branch.

The outlook is stable.

"The rating and outlook on the five-year senior unsecured and unsubordinated notes are in line with the Bank's existing long-term deposit rating," Moody's vice president and senior analyst Bin Hu said in a news release.

The senior notes will be issued with a fixed-rate coupon and redeemed at par on maturity. They constitute direct, unconditional, unsubordinated and unsecured obligations of the bank and will rank in pari passu without any preference among themselves and with all other present and future unsecured and subordinated obligations of the bank.

In July, Moody's assigned provisional A1/P-1 ratings, with a stable outlook, to the bank's Hong Kong Branch $5 billion medium-term note program.

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