S&P rates Bank of China notes A

S&P said it assigned A long-term issue ratings to the planned drawdowns under the of Bank of China Ltd.’s $40 billion medium-term note program. The bank’s Frankfurt, Luxembourg, Macau, Singapore and Sydney branches will sell the notes.

“The ratings on the notes reflect our issuer credit rating on BOC. We view the creditworthiness of the bank's branches as the same as that of the bank,” S&P said in a press release.

The notes consist of denominations in renminbi, euro, and Australian and U.S. dollars, depending on the branch.

The Frankfurt, Luxembourg and Singapore branches plan to use the proceeds for eligible green projects. The Macau and Sydney branches intend to use the proceeds for general corporate purposes.

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