Fitch rates Bank of China notes A

Fitch Ratings said it assigned an expected A(EXP) rating to Bank of China Ltd.'s (A/stable) proposed long-term senior unsecured notes to be issued under its medium-term note program.

The bank plans to issue various notes denominated in dollars, Australian dollars, British pound, and euros from its branches in Singapore, Sydney, London and Luxembourg with fixed and floating rates.

The notes will be issued under the bank’s $40 billion medium-term note program and will be traded on the Hong Kong Stock Exchange, London Stock Exchange and Luxembourg Stock Exchange.

Fitch first rated Bank of China’s program A/F1 on Dec. 9, 2013, which was subsequently affirmed on May 23, 2017. The program's size was increased to $40 billion from $30 billion in April 2018 to meet the bank's funding needs.

The program rating is not affected by the increase in size as the gain is small relative to the bank’s total assets.

Proceeds will be used for general corporate purposes.

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