Fitch Rates Bank of China Paris Branch's BMTN Programme 'A(EXP)'

Mon Mar 31, 2014 9:34am EDT

Related Topics

(The following statement was released by the rating agency) HONG KONG, March 31 (Fitch) Fitch Ratings has assigned Bank of China Limited's (BOC) EUR1.2bn Bons a Moyen Terme Negociables (BMTN) programme a Long-Term Rating of 'A(EXP)'. Senior notes under the BMTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank, while notes junior to senior obligations will be rated on a case-by-case basis in accordance with published criteria and after taking into consideration individual terms and conditions of those notes. However, Fitch reserves the right not to rate certain instruments issued under the programme, such as market-linked instruments. Notes under the programme will be issued by the Paris Branch of BOC. The notes may be issued in any currency with a tenor of at least one year. The proceeds will be used for general corporate purposes. KEY RATING DRIVERS Issuance under the BMTN programme represents obligations of BOC. The programme's ratings reflect the ratings expected to be assigned to senior notes issued under the programme, and are in line with BOC's Long-Term Issuer Default Rating (IDR) of 'A'. The bank's IDR is in turn based on an extremely high probability of support, if required, from the Chinese government. RATING SENSITIVITIES Any changes to ratings of the programme will be directly correlated to changes in the bank's IDR, which in turn will reflect any shift in the perceived willingness or ability of China's government to support BOC in a full and timely manner. The other ratings of BOC are unaffected by this action, and are as follows: Long-Term IDR: 'A'; Outlook Stable Short-Term IDR: 'F1' Support Rating: '1' Support Rating Floor: 'A' Viability Rating: 'bb' Contact: Primary Analyst Jonathan Cornish Managing Director +852 2263 9901 Fitch (Hong Kong) Limited 2801, Tower Two, Lippo Centre 89 Queensway, Hong Kong Secondary Analyst Chunling Wen Associate Director +8610-8517-2105 Committee Chairperson James Watson Managing Director +7 495 956 9901 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, "Global Financial Institutions Rating Criteria" dated 31 January 2014, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.