S&P gives Bank of China notes A

S&P said it gave an A rating to Bank of China Ltd. Tokyo Branch’s planned Tokyo Overnight Average Rate-floating-rate notes. The notes will be denominated in yen and will be a draw down from its $40 billion medium-term note program.

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

Bank of China will use the proceeds for general corporate purposes.

The outlook is stable.

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