S&P upgrades ICBC

Standard & Poor's said it raised its long-term and short-term foreign currency counterparty credit ratings on Industrial and Commercial Bank of China (ICBC) to BBB-/A-3 from BB+/B and removed the ratings from CreditWatch, where they were placed with positive implications on July 15.

The outlook is positive.

At the same time, S&P raised its bank fundamental strength rating on the bank to D+ from D.

S&P said the rating action reflects a significant improvement in ICBC's overall financial profile and solvency after the bank disposed of renminbi 705 billion in non-performing loans and S&P's satisfaction with the financial arrangements supporting the disposals. The improvement places the bank on a more solid footing to proceed with ongoing internal reforms.

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