Fitch Rates China Construction Bank's Proposed Senior Notes A(EXP)
Fitch Ratings has placed an A(EXP) expected rating on China Construction Bank's (HKG:0939) proposed senior unsecured notes, according to a recent release.The bank's Hong Kong and London branches will issue the notes under its $15 billion medium-term note program.The bank will channel net proceeds for financing or refinancing qualified green projects.The proposed notes will account for the bank's direct, unconditional, unsecured, and unsubordinated obligations, with the ratings in line with the bank's long-term issuer default rating.The bank's issuer default rating reflects Fitch's view of a very high likelihood of support from the Chinese sovereign in case of financial need.Movements in the bank's rating will lead to similar actions on the notes' rating.