Moody's Investors Service has assigned Aa1.za long-term local-currency and P-1.za short-term local-currency ratings to the ZAR 15 billion domestic medium term note (MTN) programme established by Bank of China Limited (BOC), Johannesburg Branch.
The local-currency Aa1.za/P-1.za ratings reflect BOC's global scale A1 long-term deposit rating and the structure of the proposed issuance.
Moody's noted that the notes issued under the programme can have any maturity and will constitute direct, unconditional, unsubordinated, and unsecured obligations of the issuer. They will rank pari passu among themselves and at least pari passu with all other present and future unsecured and unsubordinated obligations of the issuer.
While notes issued under the programme can be denominated in ZAR or foreign currencies, Moody's local-currency program ratings apply only to notes denominated in ZAR.
Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale ratings, please refer to Moody's Cross-Sector Rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."
Bank of China Limited, headquartered in Beijing, reported total assets of RMB 16.7 trillion at 30 September 2015.
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