S&P Global Ratings has given an A long-term issue rating to the proposed floating-rate notes of Bank of China's (HKG:3988) Sydney branch, according to a Monday release.

The notes' rating mirrors Bank of China's long-term issuer credit rating, with S&P considering the credit profiles of the bank and its branches as equal.

The Chinese bank will draw down the notes from its $40 billion medium-term note program, with proceeds to be used for general corporate purposes.

Shares of Bank of China rose more than 3% in recent trade.

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