S&P rates ICBC notes A

Standard & Poor's said it assigned an A foreign-currency issue rating to Industrial and Commercial Bank of China's (ICBC) proposed senior unsecured notes of up to $300 million.

The proposed issue could represent a full drawdown of a euro medium-term notes program recently established by ICBC's Singapore branch.

The notes will carry a floating rate, S&P said, and constitute direct, unconditional, unsecured and unsubordinated obligations of the bank.

They will rank pari passu with all other unsecured and unsubordinated obligations of the bank, the agency said.

The proceeds will be used for general corporate purposes.

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