Moody’s affirms ICBC International

Moody's Investors Service said it affirmed ICBC International Holdings Ltd.'s issuer ratings at A2/P-1.

The outlook is stable.

At the same time, the agency withdrew the outlook for business reasons.

Moody's affirmed the A2 backed senior unsecured note rating of Horse Gallop Finance Ltd., which are guaranteed by ICBC International.

The agency said the affirmation follows the action taken on Industrial and Commercial Bank of China Ltd. (A1 stable).

“We assess the ability of ICBC to provide support to ICBC International has strengthened following the upgrade of the bank's standalone BCA, but this has also reduced ICBC International's reliance on support from the Chinese government in times of stress,” Moody’s said in a news release.

“As a result, while ICBC International's A2 issuer rating still benefits from six notches of uplift from affiliate and government support, the composition has changed to four notches of affiliate support and two notches of government support from three notches each before.”

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