Fitch Ratings has given an expected rating of A(EXP) to the proposed senior unsecured notes that will be issued by Bank of China's (SHA:601988, HKG:3988) London branch, according to a Tuesday release.
The London branch is under the same legal entity as Bank of China, hence the proposed notes being the bank's obligations and having an equivalent rating as those of the bank.
The bank's issuer default rating reflects Fitch's view of a very high likelihood of support from China in the case of stress.
Actions on Bank of China's rating will prompt similar actions on the notes' rating.
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