OREANDA-NEWS. Fitch Ratings has affirmed Bank of England's (BoE) Long-term Issuer Default Rating (IDR) at 'AA+' with a Stable Outlook. The BoE's senior unsecured long-term rating has also been affirmed at 'AA+' and the senior unsecured short-term rating at 'F1+'.

KEY RATING DRIVERS
BoE's Long-term IDR is directly aligned with that of the UK government. The BoE is the monetary arm of the UK sovereign and as such its credit profile is aligned with that of the sovereign government.

Fitch currently rates only the BoE's three-year-maturity USD bonds. The rating does not apply to typical central bank liabilities of the BoE, like bank notes or commercial banks' reserves that are monetary liabilities rather than rateable debt.

The BoE's rating reflects its central role in the UK and international financial system. The rating is underpinned by support from the UK sovereign. The near certainty of sovereign support for the BoE derives primarily from its national strategic importance, as well as its ownership by the UK Treasury.

RATING SENSITIVITIES
The rating is sensitive to any changes in the UK sovereign rating.