S&P assigns Bank of China notes A

S&P said it assigned its A long-term issue rating to a planned issuance by Bank of China Ltd., Sydney Branch. The Chinese renminbi-denominated fixed-rate notes will be drawn down from the Bank of China Ltd.’s $40 billion medium-term note program.

“The rating on the notes reflects our issuer credit rating on Bank of China Ltd. (A/stable/A-1). We view the creditworthiness of the bank's branches as equal to that of the bank,” S&P said in a press release.

The issuer intends to use the proceeds for general corporate purposes.

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