S&P rates Bank of China notes A

S&P said it assigned A long-term issue ratings to the proposed drawdowns by Bank of China Ltd. Hong Kong Branch and Bank of China Ltd. London Branch.

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 issuances and are in line with the issuer credit rating on Bank of China, S&P said.

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

The proceeds will be used for inclusive finance, micro-lending and green projects-related lending, S&P said.

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