S&P rates Bank of Communications notes A-

Standard & Poor's said it assigned its A- long-term and A-2 short-term program rating to a proposed $1 billion medium-term note program by Azure Orbit II International Finance Ltd., a special purpose company wholly owned by Bank of Communications Co. Ltd. (Bocom: A-/stable/A-2; cnAA/cnA-1).

The agency also assigned its cnAA long-term and cnA-1 short-term Greater China regional scale ratings to the program.

S&P said the ratings on the program have been equalized to the counterparty credit rating on Bocom to reflect the view that the guarantee is irrevocable, unconditional and timely, and therefore qualifies for rating substitution treatment.

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