S&P Global Ratings has given an A long-term issuer rating on Bank of China (HKG:3988, SHA:601988) Toronto branch's proposed US dollar floating-rate notes, according to a Wednesday release.
The notes' rating aligns with Bank of China's long-term issuer credit rating, as S&P believes the branches' credit profiles are similar to that of the bank.
The notes, which will be drawn from the parent's $40 billion medium-term note program, will be considered as the branch's obligations.
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