Fitch Ratings has assigned an expected rating of 'A(EXP)' to
The proposed notes will be listed on the
Key Rating Drivers
BOC's
The 'A(EXP)' rating assigned to the proposed notes is higher than
We expect the targeted investor base for these proposed notes to typically be based outside of
We expect BOC to utilise resources from within its global branch network to meet obligations should the
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 Long-Term IDR is downgraded. The proposed notes may also be downgraded if we believe there is a reduced propensity or intrinsic ability by BOC to utilise resources from its global branch network to honour obligations due to noteholders in the event of T&C restrictions being imposed.
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 Long-Term IDR is upgraded.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
We have 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).
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, www.fitchratings.com/topics/esg/products#esg-relevance-scores
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