Fitch Ratings has given an A(EXP) expected rating on Bank of China's (HKG:3988, SHA:601988) proposed senior unsecured notes, according to a Monday release.
The bank's Sydney branch will issue the notes.
The notes' rating is similar to the bank's long-term issuer default rating, as the branch is within the same legal entity as the bank and the notes serve as the bank's obligations.
Bank of China's rating reflects Fitch's view of a very high likelihood of government support if needed.
Movements in the bank's rating would trigger similar actions on the notes, the rating agency said.
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