S&P rates Bank of China (Taipei) notes A

S&P said it assigned an A long-term issue rating to the proposed drawdowns of senior unsecured notes by Bank of China Ltd. (Taipei branch).

The notes will be denominated in Chinese yuan and issued in two traches – one with a three-year tenor, and the other a five-year tenor.

The notes are a part of Bank of China Ltd.'s $40 billion medium-term note program.

The ratings 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 said.

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