Fitch Rates Agricultural Bank of China's MTN Programme 'A/F1'
Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank, and rank at least pari passu with all other current and future direct, unsecured, non-guaranteed and unsubordinated indebtedness of the bank. The notes junior to senior obligations under the MTN programme will be rated on a case-by-case basis in accordance with published criteria and after taking into consideration individual terms and conditions of those notes. However, Fitch reserves the right not to rate certain instruments issued under the MTN programme, such as market-linked instruments.
Notes issued under the MTN programme may be from ABC or any other branches designated by ABC (including the Hong Kong branch). The notes may be issued in any currency and with any tenor. The proceeds of notes issued will be used for overall working capital and general corporate purposes, unless otherwise stated.
KEY RATING DRIVERS
Issuance under the MTN programme represents obligations of ABC. The MTN programme's ratings reflect the ratings that are expected to be assigned to senior notes issued under the programme, and are in line with ABC's Long- and Short-Term Issuer Default Ratings (IDR) of 'A' and 'F1' respectively. The bank's IDRs are in turn based on an extremely high probability of support, if required, from the Chinese government.
RATING SENSITIVITIES
Any changes to ratings of the MTN programme will be directly correlated to changes in the IDRs of the bank, which in turn will reflect any shift in the perceived willingness or ability of China's government to support ABC in a full and timely manner.
The other ratings of ABC are unaffected by this action, and are as follows:
Long-Term IDR: 'A'; Outlook Stable
Short-Term IDR: 'F1'
Support Rating: '1'
Support Rating Floor: 'A'
Viability Rating: 'bb'.
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