Fitch rates Bank of China notes A

Fitch Ratings said it gave an expected rating of A to Bank of China Ltd.'s planned senior unsecured notes to be issued by its Hong Kong and London branches under its $40 billion medium-term note program.

The bank plans to issue secured overnight financing rate and Sterling overnight index average floating-rate notes denominated in U.S. dollars and pound sterling.

“Therefore, the proposed notes will represent BOC's direct, unconditional, unsecured and unsubordinated obligations and are rated in line with its long-term issuer default rating (IDR), which is underpinned by the agency's expectations of an extremely high probability of support from the Chinese sovereign (A+/stable) in the event of stress,” Fitch said in a press release.

The proceeds will be used for general corporate purposes.

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