December 9, 2013 / 5:37 AM / 4 years ago

Fitch Rates Bank of China's MTN Programme 'A'/'F1'

(The following statement was released by the rating agency) HONG KONG, December 09 (Fitch) Fitch Ratings has assigned Bank of China Limited's (BOC) USD10bn medium-term note (MTN) programme Long-Term and Short-Term Ratings of 'A' and 'F1' respectively. Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank, while notes issued that are 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 to not rate certain instruments issued under the programme, such as dual currency notes. Notes issued under the programme, which is to be listed on the Hong Kong Stock Exchange, may be from the Hong Kong branch of BOC or any other branch designated by BOC. Notes issued also may be in any currency or of any tenor. The proceeds of notes issued will be used for general corporate purposes. KEY RATING DRIVERS Issuance under the MTN programme represents obligations of BOC. The programme's ratings reflect the ratings that are expected to be assigned to senior notes issued under the programme, and are in line with BOC's Long- and Short-Term Issuer Default Ratings (IDR) of 'A' and 'F1' respectively. 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 ratings of the programme 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. 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 Fitch Ratings (Beijing) Ltd. 2 Jianguomenwai Avenue Beijing 100022 Committee Chairperson Mark Young Managing Director +65 6796 7229 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 15 August 2012" 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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