September 3, 2014 / 7:27 AM / 3 years ago

Fitch Rates Bank of China Taipei Branch's CNY Notes Final 'A' and 'AA+(twn) '

(The following statement was released by the rating agency) TAIPEI/HONG KONG/SINGAPORE, September 03 (Fitch) Fitch Ratings has assigned Bank of China Ltd. (BOC) Taipei Branch's Chinese yuan (CNY)-denominated senior unsecured notes a Long-Term Rating of 'A' and a National Long-Term rating of 'AA+(twn) ' . The issue size is expected to be no less than CNY2bn and will be issued on 5 September 2014 in three tranches, with a two-year maturity, five-year maturity and seven-year maturity. The notes will be issued by BOC Taipei Branch to Taiwanese-based investors under its USD10bn euro medium-term note (EMTN) programme, which was rated 'A'/'F1' by Fitch on 9 December 2013. The proceeds from the notes will be used to establish BOC Taipei branch's offshore CNY business and strengthen its CNY funding base. The final rating is assigned following the receipt of the final documents conforming to information already received. 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', which corresponds to its National Long-Term rating of 'AA+(twn)' . The bank's IDR is underpinned by the agency's expectations of an extremely high probability of support, in the event of stress, from the Chinese government. RATING SENSITIVITIES Any changes to ratings of the notes will be directly correlated to changes in BOC's IDR, which will in turn 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 Katie Chen Associate Director +8610 8517 2135 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(twn)' for National ratings in Taiwan. Specific letter grades are not therefore internationally comparable. Additional information is available on www.fitchratings.com Applicable criteria, "Global Financial Institutions Rating Criteria" dated 31 January 2014, and " National Scale Ratings Criteria", dated 30 October 2013 are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Scale Ratings 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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