Moody's rates ICBC notes A1

Moody's Investors Service said it assigned a provisional long-term rating of A1 to the $300 million euro medium-term note program of Industrial and Commercial Bank of China.

The outlook is stable.

The rating on the medium-term note program is the same as the foreign-currency long-term bank deposit ratings of the bank, the agency said.

The rating does not immediately apply to any individual notes issued under the program, the agency added. Ratings on such notes are subject to review of the terms and conditions set forth in the final prospectuses, supplements or offering memoranda of the notes to be issued.

The notes to be issued under the program are direct, unconditional, unsubordinated and unsecured obligations of the bank and will at all times rank pari passu among themselves, Moody's said.

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