S&P rates Bank of East Asia notes A-, BBB+

Standard & Poor's said it assigned A- and A-2 issue ratings to the Bank of East Asia Ltd.'s proposed senior unsecured notes issued under its $3 billion medium-term notes, along with cnAA/cnA-1 Greater China credit scale ratings to the notes.

The agency also said it assigned a BBB+ rating and cnAA- Greater China credit scale rating to its lower tier-2 subordinated notes.

The rating differential between the senior unsecured notes and the lower tier 2 subordinated notes reflects the latter's subordinated nature, S&P said.

The senior notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank and shall at all times rank pari passu with all other unsecured obligations, the agency said.

The subordinated notes will constitute the unsecured and subordinated obligations, S&P said.

The proceeds will be used for general corporate purposes.

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