Fitch assigns Bank of China notes A

Fitch Ratings said it assigned an expected rating of A to Bank of China Ltd.'s planned fixed-rate senior unsecured notes to be issued by its Bank of China Ltd. Frankfurt Branch under the $40 billion medium-term note program.

The notes will represent the bank’s direct, unconditional, unsecured and unsubordinated obligations and are rated in line with its long-term issuer rating, which is underpinned by the agency's expectations of a very high probability of support from the Chinese sovereign if needed, Fitch said.

The notes will be issued as green bonds, with the proceeds used to finance and/or refinance eligible green projects as defined in the bank's sustainability series bonds management statement. Failure to comply with the relevant policies and requirements of the bank's green bonds would not constitute an event of default under the terms and conditions of the notes.

The outlook is stable.

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