S&P Global Ratings has given an A long-term issue rating to the proposed floating-rate notes of Bank of China's (HKG:3988) Sydney branch, according to a Monday release.
The notes' rating mirrors Bank of China's long-term issuer credit rating, with S&P considering the credit profiles of the bank and its branches as equal.
The Chinese bank will draw down the notes from its $40 billion medium-term note program, with proceeds to be used for general corporate purposes.
Shares of Bank of China rose more than 3% in recent trade.
Price (HKD): $3.68, Change: $+0.13, Percent Change: +3.66%
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