S&P gives Bank of China notes A

S&P said it assigned its A long-term issue ratings to the proposed drawdowns under the Bank of China Ltd.’s $40 billion medium-term note. The issuers of the senior unsecured notes are the bank’s branches in Macau and Paris.

The notes issued by the Bank of China Ltd., Macau Branch will be denominated in Chinese renminbi. The notes issued by the Bank of China Ltd., Paris Branch will be denominated in dollars. The notes are redeemable at par on maturity.

“The ratings on the notes reflect our issuer credit rating on BOC (A/stable/A-1). We view the creditworthiness of BOC’s branches the same as that of the bank,” S&P said in a press release.

The issuers intend to use the proceeds to fund marine-related eligible green projects as defined in the bank’s sustainability series bonds management statement.

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