TEXT-S&P rates Bank of East Asia (China)'s proposed bonds 'A'

Thu Apr 26, 2012 11:58pm EDT

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(The following was released by the rating agency) HONG KONG (Standard & Poor's) April 27, 2012--Standard & Poor's Ratings Services said today that it assigned its 'A' issue rating to the proposed issue of Chinese renminbi-denominated senior unsecured bonds by The Bank of East Asia (China) Limited (BEA China: A/Stable/A-1; cnAA+/cnA-1). At the same time, we assigned our 'cnAA+' Greater China credit scale rating to the proposed issue. The ratings are subject to our review of the final issuance documentation.

BEA China intends to use the bond proceeds for working capital and general corporate purposes. The bonds will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank. They will rank pari passu with all other unsecured and unsubordinated obligations of the bank.

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