Fitch assigns A(EXP) to BOC’s Frankfurt branch notes

Fitch Ratings has assigned an expected rating of ‘A(EXP)’ to Bank of China Limited’s (BOC) planned senior unsecured notes to be issued by its Frankfurt branch under the $40 billion medium-term note (MTN) programme.

The proceeds from these notes will be used to finance or refinance eligible sustainability-linked, green, and social loans (SGS) as defined in the Bank of China Limited SGS Bond Framework.

It’s important to note that a failure to adhere to the policies and requirements of the bank’s SGS Bond Framework will not trigger a default under the terms of the notes.

The final rating is subject to the receipt of complete documentation consistent with the information already provided.

As BOC’s Frankfurt branch is part of the same legal entity as BOC, the proposed notes will represent direct, unconditional, unsecured, and unsubordinated obligations of BOC.

Attribution: Fitch Ratings report

Subediting: M. S. Salama