Bank of Communications Co. Ltd.'s Guaranteed Notes Drawdown Under US$1 Billion MTN Program Rated 'A-' And 'cnAA' - S&P Global Ratings’ Credit Research

Bank of Communications Co. Ltd.'s Guaranteed Notes Drawdown Under US$1 Billion MTN Program Rated 'A-' And 'cnAA'

Bank of Communications Co. Ltd.'s Guaranteed Notes Drawdown Under US$1 Billion MTN Program Rated 'A-' And 'cnAA' - S&P Global Ratings’ Credit Research
Bank of Communications Co. Ltd.'s Guaranteed Notes Drawdown Under US$1 Billion MTN Program Rated 'A-' And 'cnAA'
Published Aug 11, 2015
3 pages (1101 words) — Published Aug 11, 2015
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Abstract:

HONG KONG (Standard&Poor's) Aug. 11, 2015--Standard&Poor's Ratings Services today assigned its 'A-' long-term issue rating and 'cnAA' long-term Greater China regional scale rating to a proposed drawdown from the US$1 billion medium-term notes (MTN) program by Azure Orbit II International Finance Ltd., a special purpose company wholly owned by Bank of Communications Co. Ltd. (BOCOM: A-/Stable/A-2; cnAA/cnA-1). BOCOM's Macau branch unconditionally and irrevocably guarantees the program. The guarantee constitutes direct, unconditional, and unsubordinated and unsecured obligations of the branch. These obligations rank equally with all other unsecured obligations of the branch, other than subordinated obligations, if any, except for certain obligations required to be preferred by law. The ratings on the program have been equalized to

  
Brief Excerpt:

...HONG KONG (Standard & Poor's) Aug. 11, 2015--Standard & Poor's Ratings Services today assigned its 'A-' long-term issue rating and 'cnAA' long-term Greater China regional scale rating to a proposed drawdown from the US$1 billion medium-term notes (MTN) program by Azure Orbit II International Finance Ltd., a special purpose company wholly owned by Bank of Communications Co. Ltd. (BOCOM: A-/Stable/A-2; cnAA/cnA-1). BOCOM's Macau branch unconditionally and irrevocably guarantees the program. The guarantee constitutes direct, unconditional, and unsubordinated and unsecured obligations of the branch. These obligations rank equally with all other unsecured obligations of the branch, other than subordinated obligations, if any, except for certain obligations required to be preferred by law. The ratings on the program have been equalized to the counterparty credit rating on BOCOM to reflect our view that the guarantee is irrevocable, unconditional, and timely, and therefore qualifies for rating...

  
Report Type:

Ratings Action

Ticker
3328@HK
Issuer
Bank of Communications Co. Ltd.
GICS
Diversified Banks (40101010)
Sector
Global Issuers
Country
China
Region
Emerging Markets
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MLA:
S&P Global Ratings’ Credit Research. "Bank of Communications Co. Ltd.'s Guaranteed Notes Drawdown Under US$1 Billion MTN Program Rated 'A-' And 'cnAA'" Aug 11, 2015. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bank-of-Communications-Co-Ltd-s-Guaranteed-Notes-Drawdown-Under-US-1-Billion-MTN-Program-Rated-A-And-cnAA-1432273>
  
APA:
S&P Global Ratings’ Credit Research. (). Bank of Communications Co. Ltd.'s Guaranteed Notes Drawdown Under US$1 Billion MTN Program Rated 'A-' And 'cnAA' Aug 11, 2015. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bank-of-Communications-Co-Ltd-s-Guaranteed-Notes-Drawdown-Under-US-1-Billion-MTN-Program-Rated-A-And-cnAA-1432273>
  
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