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3 years ago
RPT-Fitch rates Bank of China Singapore branch's CNY notes 'A(EXP)'
February 25, 2014 / 7:47 AM / 3 years ago

RPT-Fitch rates Bank of China Singapore branch's CNY notes 'A(EXP)'

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Feb 25 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Bank of China Limited (BOC) Singapore Branch's senior unsecured Chinese yuan-denominated notes an expected rating of 'A(EXP)'. The notes will be issued in two tranches, with two-year maturity and five-year maturity, while the issue amount will be of benchmark size.

The notes will be issued under BOC's USD10bn medium-term note (MTN) programme, which was rated at 'A' by Fitch on 9 December 2013. The final rating is contingent upon the receipt of final documents conforming to the information already received.

KEY RATING DRIVERS

The notes are rated at the same level as BOC's Long-Term Issuer Default Rating (IDR) of 'A' because they represent direct, unconditional, unsecured, and unsubordinated obligations of the bank. The bank's IDRs are in turn based on an extremely high probability of support, if required, from the Chinese government.

RATING SENSITIVITIES

Any changes to rating of the notes will be directly correlated to changes in the IDRs 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.

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