S&P Global Ratings has given Bank of China (Macau)'s (HKG:3988, SHA:601988) proposed renminbi-denominated notes an A long-term issue rating, according to a recent release.

The Bank of China subsidiary will draw down the notes from the parent's $40 billion medium-term note program.

The notes will serve as the issuer's direct, general, unsubordinated, unconditional, and unsecured obligations, S&P said.

They will also at all times rank equally with the bank's other senior and unsecured obligations, except those preferred by law, the rating agency said.

The notes' rating is equivalent to the parent's long-term issuer credit rating, given that the bank's creditworthiness is equal to that of the subsidiary, S&P said.