Fitch Confirms That Bank Of China Issues Certificates Of Deposit In Hong Kong As Class A Certificates.
In August 19th, according to the news released by Fitch Ratings, Fitch Ratings has awarded the Bank of China long-term local currency issuer default rating of Grade A with a stable rating outlook.
At the same time, the bank's short-term local currency issuer default rating is F1.
Fitch also grants
Bank of China
The senior and unsecured negotiable certificates of deposit (hereinafter referred to as certificates of deposit) issued by the Hongkong branch are Grade A and F1 respectively in long-term and short-term foreign currency and local currency.
Fitch said the Bank of China
deposit
The rating level of the certificate project is equivalent to that of the bank, which is based entirely on higher expectations of state support when banks are in trouble.
Bank of China occupies a leading position in domestic and foreign currency business, and is the largest bank in China with overseas operating agencies.
All the funds raised by the bank will be used to support the operation of its overseas branches.
The deposit certificate project established in June 2010 is an international multi currency financing tool.
As of August 12, 2011, there were 178 unexpired certificates of deposit in the project, of which 38% were denominated in Hong Kong dollars, 29% in US dollars, 31% in Renminbi, and the rest in Singapore dollars and Australian dollars.
The current limit of the project is HK $100 billion or equivalent foreign currency, but this amount can be raised after the approval of banks and regulators.
The time limit for a deposit certificate shall not be less than 7 days.
From the bank's shareholding situation, the Central Huijin holds 67.6% of the Bank of China and the national social security.
fund
Holding 3.8% of the shares.
A higher central government shareholding ratio and a long record of state support made the bank win the support rating "1" and the support rating bottom line a, which is only a small level lower than the "A+" level of China's sovereign foreign currency default rating.
In addition, the bank's viability rating (VR) has been identified as "BB" and is at the high end of the Chinese listed banks.
But at the same time, it is expected that the advantages of Bank of China will be constrained by its rapid development, the medium-term outlook of asset quality in the whole industry, the relatively weak capital level in emerging markets, and the proportion of non deposit financing that is higher than that in the same industry.
Earlier, media reports said that the Bank of China is likely to be listed among the 28 global systemically important banks designated by the Basel Commission, which will face higher capital requirements and stricter regulation.
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