Moody's gives ICBC Singapore notes A1

Moody's Investors Service said it assigned an A1 rating to the offshore RMB 2 billion (about $326 million) senior unsecured notes, or "Lion City" notes, drawn under the $4 billion foreign currency euro medium-term note program of Industrial and Commercial Bank of China (ICBC), Singapore branch.

The outlook is stable.

"The rating and outlook on the two-year offshore yuan denominated senior unsecured notes are in line with ICBC's existing long-term deposit rating," Moody's vice president and senior analyst Bin Hu said in a news release.

The senior notes constitute direct, unconditional, unsecured, and unsubordinated obligation of ICBC, and rank pari passu among themselves and equally with all other unsecured obligations (other than subordinated obligations, if any) of ICBC.

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