Fitch Ratings has placed an A(EXP) expected rating on the proposed senior unsecured notes by China Construction Bank's (HKG:0939, SHA:601939) Hong Kong branch, according to a Tuesday release.
The proposed notes serve as the bank's obligations, with their rating similar to the latter's long-term issuer default rating.
The bank's rating reflects Fitch's view of a very high likelihood of sovereign support in case of stress.
Changes in the bank's rating would trigger similar actions on the proposed notes, Fitch said.
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