S&P: Industrial and Commercial Bank of China on positive watch

Standard & Poor's said it placed its BB+ long-term and B short-term foreign currency counterparty credit ratings on Industrial and Commercial Bank of China (ICBC) on CreditWatch with positive implications.

The CreditWatch placement follows ICBCs disposal of non-performing loans amounting to Chinese renminbi 705 billion over the past two months, S&P noted.

The agency said resolution of the CreditWatch placement is expected within a week once S&P receives additional information and the expected resolution is likely to result in the long-term foreign currency credit rating on the bank being raised to BBB-, bringing it into line with the ratings on China's other state-owned banks, namely Bank of China Ltd. and China Construction Bank Corp.

S&P said it is concurrently reviewing its D bank fundamental strength rating on ICBC.

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