Fitch Ratings assigned an A(EXP) expected rating to Bank of China's (HKG:3988, SHA:601988) proposed senior unsecured notes, according to a Tuesday release.

The bank's Luxembourg branch will issue the notes.

The notes' rating is similar to the bank's long-term issuer default rating, as they serve as the parent's obligations.

Fitch does not see transfer and convertibility risks between the bank and its Luxembourg branch.

Changes in the issuer's rating would lead to similar rating actions for the notes, according to the rating agency.