(The following statement was released by the rating agency)
HONG KONG, December 09 (Fitch) Fitch Ratings has assigned Bank
Limited's (BOC) USD10bn medium-term note (MTN) programme
Short-Term Ratings of 'A' and 'F1' respectively.
Senior notes under the MTN programme will represent direct,
unsecured, and unsubordinated obligations of the bank, while
notes issued that
are junior to senior obligations will be rated on a case-by-case
accordance with published criteria and after taking into
individual terms and conditions of those notes. However, Fitch
right to not rate certain instruments issued under the
programme, such as dual
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
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.
ratings reflect the ratings that are expected to be assigned to
issued under the programme, and are in line with BOC's Long- and
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
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
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 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
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