Fitch Ratings has assigned an expected rating of 'A(EXP)' to
The net proceeds will be used to finance or refinance sustainability-linked loans, as defined in the
Key Rating Drivers
BOC's
BOC's IDR is underpinned by Fitch's expectations of a very high probability of support from the Chinese sovereign (A+/Stable) in the event of stress. Key rating drivers and sensitivities for BOC can be found in its last full rating action commentary, published on
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
The expected rating on the proposed notes would be downgraded if BOC's IDR is downgraded.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The expected rating on the proposed notes would be upgraded if BOC's IDR is upgraded.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Fitch has assigned an expected senior unsecured long-term rating (xgs) of 'BBB (xgs) (EXP)' to the proposed notes, in line with BOC's Long-Term IDR (xgs), which is in turn aligned with the bank's Viability Rating.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:
A downgrade of the bank's Long-Term IDR (xgs) would lead to a downgrade of the expected senior unsecured long-term rating (xgs).
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:
An upgrade of the bank's Long-Term IDR (xgs) would lead to an upgrade of the expected senior unsecured long-term rating (xgs).
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
The ratings on the proposed notes issued by BOC's
ESG Considerations
BOC has an ESG Relevance Score of '4' for Financial Transparency, as there are still structural issues around financial transparency and disclosure. These are not captured in headline performance metrics in
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores
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