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Rating Action:

Moody's rates Euro-Commercial Paper and Certificate of Deposit Programme of Bank of China (Dubai) Branch

21 Aug 2019

Hong Kong, August 21, 2019 -- Moody's Investors Service ("Moody's") has assigned a P-1 short-term foreign-currency rating to the euro-commercial paper (CP) component and (P)A1/(P)P-1 foreign-currency ratings to the certificate of deposit (CD) component of the US$2.5 billion euro-commercial paper and certificate of deposit programme proposed by Bank of China (Dubai) Branch.

The P-1 short-term foreign-currency rating applies to CP notes to be denominated in EUR, USD, JPY, Sterling, CHF, CNY, AUD, CAD, NZD and HKD.

RATINGS RATIONALE

The assigned ratings are in line with long-term and short-term deposit ratings of Bank of China Limited (BOC), and reflect the structure of the proposed programme. The CP notes and CDs to be issued under the programme will constitute direct, unconditional, unsubordinated, and unsecured obligations of BOC, which holds significant amount of liquid resources in convertible currencies in both Asian and European time zones to support the proposed programme.

BOC's standalone Baseline Credit Assessment (BCA) is baa1. BOC's Adjusted BCA, which incorporates no affiliate support, is the same as its BCA. China does not have an operational resolution regime. Therefore, we apply a basic Loss Given Failure approach in rating Chinese banks' debt securities. The Preliminary Rating Assessment on senior unsecured debts, representing our view of the expected loss of the senior unsecured debts in the absence of government support and before considerations of debt ceilings, is at the same level as the Adjusted BCA. We assess that, in times of need, BOC would receive a very high level of Chinese government support, uplifting the Preliminary Rating Assessment by three notches to A1 for the senior unsecured debts.

WHAT COULD MOVE THE RATING UP/DOWN

The assigned ratings are in line with long-term and short-term deposit ratings of BOC. Any changes in BOC's deposit ratings will lead to a similar rating action on the programme.

BOC's long-term deposit rating is at the same level of the senior unsecured debt rating of the Government of China, after factoring in a very high level of government support. Hence, there could be upward pressure on BOC's long-term deposit rating should the capability to support the bank, as reflected in the senior unsecured debt rating of the Government of China, strengthen.

BOC's BCA could experience upward pressure if (1) its asset quality, as measured by the rate of the formation of problem loans, improves; (2) its profitability, as measured by the return on assets, improves; and (3) its capital strengthens, with an improvement in its tangible common equity capital ratio.

There could be downward pressure on BOC's long-term deposit rating should the Chinese government's capability or willingness to support the bank weaken. Furthermore, should the operating environment weaken materially, for example, if China's economic growth moderates or corporate financial leverage continues to increase, then there could be downward pressure on BOC's BCA.

In addition, BOC's BCA could experience downward pressure if (1) its asset quality and profitability weaken materially; or (2) its capital weakens, with a deterioration in its tangible common equity capital ratio.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Bank of China Limited is headquartered in Beijing. It reported total assets of RMB21.6 trillion and total equity of RMB1.8 trillion as of the end of March 2019.

The assigned ratings are subject to receipt of final documentations, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody's has reviewed.

The local market analyst for these ratings is Nicholas Zhu, +86 (10) 6319-6536.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Ray Heung
Senior Vice President
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Minyan Liu, CFA
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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