Moody’s gives Bank of China, New York notes A1

Moody's Investors Service said it assigned a provisional A1 medium-term note program rating to Bank of China Ltd., New York Branch, and an A1 rating to its proposed yuan-denominated senior unsecured notes.

The notes are being issued under Bank of China's $20 billion medium-term note program.

Proceeds will be used to fund new and existing projects and support businesses with environmental benefits in alignment with the green bond principles, 2016.

At the same time, Moody's assigned A1(cr)/P-1(cr) counterparty risk assessment to Bank of China Ltd., New York Branch.

The agency also assigned negative outlook to the bank and to the proposed notes, in line with the negative outlook for the group.

The A1 rating for the notes is in line with Bank of China's long-term deposit ratings and reflects the structure of the proposed issuance, Moody’s said.

The senior unsecured notes will constitute direct, general, unsubordinated, unconditional, and unsecured obligations of the issuer. They will be redeemable at principal on maturity.

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