Reuters logo
Fitch Rates Bank of China Sydney Branch's CNY Notes 'A(EXP)'
April 9, 2014 / 4:12 AM / in 4 years

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

(The following statement was released by the rating agency) HONG KONG, April 08 (Fitch) Fitch Ratings has assigned Bank of China Ltd. (BOC) Sydney Branch's proposed Chinese yuan-denominated senior unsecured notes an expected Long-Term Rating of 'A(EXP)'. The final rating is contingent upon the receipt of final documents conforming to the information already received. The two-year notes will be issued under BOC's USD10bn medium-term note (MTN) programme, which was rated by Fitch on 9 December 2013. The proceeds from the notes will be used for the Sydney 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 Chunling Wen Associate Director +8610-8517-2105 Fitch Ratings (Beijing) Ltd. 2 Jianguomenwai Avenue Beijing 100022 Committee Chairperson James Watson Managing Director +7 495 956 9901 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: Additional information is available on Applicable criteria, "Global Financial Institutions Rating Criteria", dated 31 January 2014 are available at 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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below