Moody's gives ICBC bonds Ba1

Moody's Investors Service said it gave a Ba1(hyb) foreign-currency rating to the proposed dollar-denominated undated additional tier 1 capital bonds to be issued by Industrial & Commercial Bank of China Ltd.

“The Ba1(hyb) rating is three notches below ICBC's adjusted baseline credit assessment (BCA), reflecting the structure of the proposed issuance and Moody's assumption that investors of these securities face the risk of full or partial compulsory write-off of the AT1 capital bonds upon the occurrence of the relevant non-viability trigger event,” the agency said in a press release.

The outlook is stable.

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