Fitch: Bank of China notes A

Fitch Ratings said it assigned an expected A rating to Bank of China Ltd. Singapore branch's proposed long-term senior unsecured dollar-denominated notes to be issued under its $30 billion medium-term note program.

The notes will be listed on the Hong Kong Stock Exchange and the proceeds will be used for general corporate purposes, Fitch said.

The maturity structure will be finalized upon settlement, the agency said.

Fitch said it first rated bank's program at A and F1 in December 2013. The program's size was increased to $20 billion in April to meet the bank's funding needs, the agency noted.

The bank's Singapore branch is part of the same legal entity as Bank of China.

Therefore, the notes to be issued under the program represent direct, unconditional, unsecured and unsubordinated obligations of the bank and are rated in line with its long-term issuer default rating of A with stable outlook.

The ratings are underpinned by expectations of an extremely high probability of support from the Chinese government in the event of stress, Fitch explained.

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