Fitch Ratings has placed an A(EXP) expected rating on Bank of China (HKG:3988, SHA:601988) Toronto branch's proposed senior unsecured notes, according to a Wednesday release.

The proposed notes' rating, part of the lender's $40 billion medium-term note program, aligns with Bank of China's long-term issuer default rating, with changes in the latter to prompt similar actions on the notes, Fitch said.

The Toronto branch is under the same legal entity as Bank of China, making the proposed notes the latter's obligations.

Fitch also assigned a BBB(xgs)(EXP) expected senior unsecured long-term rating on the proposed notes.