(The following statement was released by the rating agency)
HONG KONG, May 14 (Fitch) Fitch Ratings has assigned Bank of
Ltd. Hong Kong Branch's (BOCOM HK Branch) USD3bn euro
medium-term note (EMTN)
programme Long-Term and Short-Term Ratings of 'A' and 'F1'
Senior notes under the EMTN programme will represent direct,
unsubordinated and unsecured obligations of the bank. However,
the right to not rate certain instruments issued under the
programme, such as
dual currency notes and market-linked instruments.
Notes issued under the programme will be issued from the Hong
Kong Branch of
BOCOM. The notes may be issued in any currency or of any tenor.
The proceeds of
notes issued will be used for overall working capital and
KEY RATING DRIVERS
Issuance under the EMTN programme represents obligations of
programme's ratings reflect the ratings that are expected to be
senior notes issued under the programme, and are in line with
and Short-Term Issuer Default Ratings (IDRs) of 'A' and 'F1'
bank's IDRs are in turn based on an extremely high probability
of support, if
required, from the Chinese government.
Any changes to the programme's rating will be directly
correlated to changes in
BOCOM's IDRs, which in turn will reflect any shift in the
or ability of China's government to support BOCOM in a full and
The other ratings of BOCOM 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-'
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Additional information is available on 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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