S&P rates Bank of China notes A

S&P said it assigned an A long-term issue ratings to the proposed drawdowns of various branches of Bank of China Ltd.

The issuing branches include Sydney, Luxemburg and Singapore. The notes are a part of the bank's $40 billion medium-term note program.

The ratings on the notes reflect the structure of the proposed issuance and are in line with the issuer credit rating on the bank, S&P said.

The notes will constitute direct, general, unsubordinated, unconditional, and unsecured obligations of the bank and will at all times rank equally among themselves, the agency noted.

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