Fitch Rates Bank of China Luxembourg Branch's CNY Notes 'A(EXP)'

Wed May 7, 2014 9:33pm EDT

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(The following statement was released by the rating agency) HONG KONG, May 07 (Fitch) Fitch Ratings has assigned Bank of China Ltd. (BOC) Luxembourg Branch's proposed Chinese yuan-denominated senior unsecured notes an expected Long-Term Rating of 'A(EXP)'. The issue size has yet to be determined. The final rating is contingent upon the receipt of final documents conforming to the information already received. The notes will be issued under BOC's USD10bn medium-term note (MTN) programme, which was rated 'A'/'F1' by Fitch on 9 December 2013. The proceeds from the notes will be used for the Luxembourg Branch's general corporate purposes. KEY RATING DRIVERS The notes represent direct, unconditional, unsecured and unsubordinated obligations of BOC, and are rated 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 notes will be directly correlated to changes in the IDR of the bank, 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. 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 Katie Chen Associate Director +8610 8517 2135 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 on www.fitchratings.com Applicable criteria, "Global Financial Institutions Rating Criteria", dated 31 January 2014 is 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.

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