S&P rates Bank of China notes A

S&P Global Ratings today assigned its A long-term issue ratings to the proposed drawdowns under the $40 billion medium-term note program of Bank of China Ltd.

The issuers of the senior unsecured fixed-rate notes are the Bank of China Ltd. Macau Branch and the Bank of China Ltd. Sydney Branch. “The ratings on the notes reflect our issuer credit rating on Bank of China. We view the creditworthiness of the bank's branches as the same as that of the bank,” the agency said in a press release.

The notes sold by the Macau Branch will be denominated in Chinese renminbi and Macanese pataca. The Sydney Branch notes will be denominated in U.S. dollars.

The issuers plan to use the proceeds to fund eligible green projects as defined in the bank's sustainability series bonds management statement. The Sydney branch is issuing normal green bonds. The Macau branch is issuing biodiversity-themed notes, and the proceeds will be used to finance biodiversity-related projects.

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