OREANDA-NEWS. Fitch Ratings has affirmed Bank of China Limited (BOC) - Johannesburg Branch's South African ZAR3bn Domestic Medium Term Note Programme's National Long-term rating at 'AAA(zaf)' and National Short-term rating at 'F1+(zaf)'.

Fitch highlights that the ratings are for senior notes under the programme; it cannot be assumed that each individual issue under the programme will carry the applicable programme rating. In the case of indexed notes (i.e. equity or credit linked) it is possible that the rating might deviate from the programme's ratings

KEY RATING DRIVERS
The DMTN programme's National Ratings are driven by BOC's Long-term foreign currency Issuer Default Rating (IDR) of 'A'/Stable. In Fitch's view, the Johannesburg Branch is an integral part of the legal entity, BOC.

BOC's IDR is in turn based on an extremely high probability of support, if required, from the Chinese government.

RATING SENSITIVITIES
BoC Johannesburg Branch's DMTN Programme's National Ratings would be sensitive to a multi-notch downgrade of BOC's Long-term foreign currency IDR. BOC's IDR is sensitive to changes in the perceived ability or willingness of the Chinese government to provide support to the bank.