Fitch Ratings has placed a BBB+(EXP) expected rating on China Everbright Bank's proposed long-term senior unsecured notes, according to a Tuesday release.
China Everbright Bank Hong Kong Branch will issue the notes under the parent's $6 billion medium-term note program.
The proposed notes will represent China Everbright Bank's obligations and are rated similarly to its long-term issuer default rating.
In turn, the bank's rating reflects a high likelihood of support from China if needed.
Future rating actions on China Everbright Bank would trigger similar movements in the proposed notes' rating.
Proceeds from the proposed notes will be channeled for repayment of offshore debts and general funding purposes.
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