Bank Of China Ltd.#s US$30 Billion MTN Program #A/A-1# Ratings Affirmed Following Upsize

Stocks and Financial Services Press Releases Tuesday April 11, 2017 17:28
HONG KONG--11 Apr--S&P Global Ratings

HONG KONG (S&P Global Ratings) April 11, 2017--S&P Global Ratings today   affirmed its 'A' long-term and 'A-1' short-term issue rating on Bank of China   Ltd.'s (BOC: A/Stable/A-1; cnAA+/--/cnA-1) medium-term notes (MTN) program, after the program was upsized to US$30 billion from US$20 billion. We also affirmed our 'cnAA+' long-term and 'cnA-1' short-term Greater China regional scale ratings on the MTN program. The ratings are subject to our review of the final issuance documentation.

The ratings assigned to the program are applicable to the senior unsecured notes issued by BOC and its overseas branches. The ratings also cover any BOC subsidiary issuances that are guaranteed by an overseas branch of BOC as specified in the relevant pricing supplement.

Senior notes and guaranteed notes under the program constitute direct, general, unsubordinated, unconditional, and unsecured obligations of BOC and at all times rank equally among themselves.
Ratings on individual notes will be subject to our review of their relevant pricing supplement and consideration of any potential sovereign rating caps.

The program allows the issuance of subordinated notes, which we would assess on a case-by-case basis. Index-linked notes may also be issued from the program, however, under our rating criteria, we do not rate the bonds if principal payments are linked to fluctuations in equity or commodity prices, or equity or commodity indices.

BOC reported total consolidated assets of Chinese renminbi (RMB) 18.1 trillion (US$2.6 trillion) at the end of 2016.

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