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S&P: Bank of China notes BBB+
Standard & Poor’s said it assigned a BBB+ rating and cnAA- Greater China regional scale rating to tier 2 capital notes issued by Bank of China Ltd.
The rating on the notes is based the agency’s new hybrid criteria released Sept. 18, S&P said.
The rating is two notches lower than the issuer credit rating on the bank, the agency said.
The one notch of downward adjustment was made for subordination and one notch for the issue’s principle write-down feature, S&P said.
The bank is a government-related entity for which a very high likelihood of extraordinary support is expected from the government of China in case of distress, the agency said.
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