Fitch Ratings has placed an A(EXP) expected rating on Bank of China's (HKG:3988, SHA:601988) proposed senior unsecured notes, according to a recent release.

Bank of China's Hong Kong branch will issue the notes under the $40 billion medium-term note program, Fitch said.

The proposed notes will serve as Bank of China's direct, unconditional, unsecured, and unsubordinated obligations.

The notes' rating is equivalent to the bank's long-term issuer default rating, which reflects a very high likelihood of government support in case of need.

Changes in the bank's rating will prompt similar actions on the notes, Fitch said.