Reuters logo
Fitch Rates Bank of Communications HK Branch's EMTN Programme 'A'
May 15, 2014 / 3:06 AM / 4 years ago

Fitch Rates Bank of Communications HK Branch's EMTN Programme 'A'

(The following statement was released by the rating agency) HONG KONG, May 14 (Fitch) Fitch Ratings has assigned Bank of Communications Co., 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' respectively. Senior notes under the EMTN programme will represent direct, unconditional, unsubordinated and unsecured obligations of the bank. However, Fitch reserves 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 general corporate purposes. KEY RATING DRIVERS Issuance under the EMTN programme represents obligations of BOCOM. 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 BOCOM's Long-Term and Short-Term Issuer Default Ratings (IDRs) 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 the programme's rating will be directly correlated to changes in BOCOM's IDRs, which in turn will reflect any shift in the perceived willingness or ability of China's government to support BOCOM in a full and timely manner. 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-' 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 Ivan Lin Associate Director +852 2263 9984 Committee Chairperson Mark Young Managing Director +65 6796 7229 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