OREANDA-NEWS. January 26, 2016. Fitch Ratings has affirmed Bank of China, Johannesburg Branch's ZAR3bn domestic medium term note (DMTN) programme's National Long-term rating at 'AAA(zaf)' and National Short-term rating at 'F1+(zaf)' and simultaneously withdrawn these ratings.

KEY RATING DRIVERS
SENIOR DEBT
Fitch has withdrawn the programme ratings as the issuer has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for the DMTN programme.

The affirmation prior to the withdrawal of ratings reflect Fitch's view that the DMTN programme's National Ratings are driven by Bank of China's Long-term foreign currency Issuer Default Rating (IDR) of 'A'/Stable. Bank of China's IDR is in turn based on an extremely high probability of support, if required, from the Chinese government. In Fitch's view, the Johannesburg branch is an integral part of the legal entity, Bank of China.

RATING SENSITIVITIES
SENIOR DEBT
Not applicable