OREANDA-NEWS. The increase in the size of Bank of China Ltd's (BOC) USD10bn medium-term note (MTN) programme will not have material implications on the programme's long-term and short-term ratings of 'A' and 'F1', respectively, Fitch Ratings says.

BOC said it would increase the size of its MTN programme to USD20bn from USD10bn on 18 June 2015 to meet the bank's funding needs to support its asset expansion.

Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank, while notes issued that are junior to senior obligations will be rated on a case-by-case basis in accordance with published criteria and after taking into consideration individual terms and conditions of those notes. However, Fitch reserves the right to not rate certain instruments issued under the programme, such as dual-currency notes.

Notes issued under the programme may be from any branch or branches designated by BOC. Notes issued also may be in any currency or of any tenor. The proceeds of notes issued will be used for general corporate purposes.