(The following statement was released by the rating agency)
HONG KONG, March 31 (Fitch) Fitch Ratings has assigned Bank of
(BOC) EUR1.2bn Bons a Moyen Terme Negociables (BMTN) programme a
Rating of 'A(EXP)'.
Senior notes under the BMTN programme will represent direct,
unsecured, and unsubordinated obligations of the bank, while
notes junior to
senior obligations will be rated on a case-by-case basis in
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
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.
will be used for general corporate purposes.
KEY RATING DRIVERS
Issuance under the BMTN programme represents obligations of BOC.
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
support, if required, from the Chinese government.
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
willingness or ability of China's government to support BOC in a
full and timely
The other ratings of BOC are unaffected by this action, and are
Long-Term IDR: 'A'; Outlook Stable
Short-Term IDR: 'F1'
Support Rating: '1'
Support Rating Floor: 'A'
Viability Rating: 'bb'
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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
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