Fitch assigns “A” rating to Bank of China notes

Fitch Ratings has given Bank of China Limited’s (BOC) senior unsecured notes issued by its Dubai branch under the $40 billion medium-term note (MTN) programme a final rating of “A”.

The $400 million floating rate notes, due in 2027, will be used to finance or refinance eligible green projects.

These notes are rated in line with BOC’s Long-Term Issuer Default Rating (IDR), which is underpinned by Fitch’s expectation of strong support from the Chinese government in times of stress.

The final ratings reflect the expected ratings assigned on August 19, 2024, and follow the receipt of confirming documentation.

Bank of China Dubai branch operates as part of the same legal entity as BOC. As such, the notes represent direct, unconditional, unsecured, and unsubordinated obligations of BOC.

Attribution: Fitch Ratings report

Subediting: M. S. Salama