RPT-Fitch Rates BOC London Branch's Senior Unsecured CNY Notes 'A'

Fri Jan 10, 2014 6:19am EST

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Jan 10 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Bank of China (BOC) London Branch's CNY2.5bn long-term senior unsecured notes a rating of 'A'. The notes are due in January 2017.

The notes have been issued under the bank's existing USD10bn medium-term note (MTN) programme, which was rated by Fitch on 9 December 2013. The proceeds from the new issue will be used for the London branch's general corporate purposes.

KEY RATING DRIVERS

The notes are rated at the same level as the MTN programme's Long-Term Rating, which is equivalent to the bank's Long-Term Issuer Default Rating (IDR) of 'A', reflecting an extremely high probability of extraordinary support from the Chinese government if required.

RATING SENSITIVITIES

Any changes to the notes' rating will be directly correlated to changes in the IDRs of the bank, which will reflect any shift in the perceived willingness or ability of China's government to support BOC in a full and timely manner.

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