Moody's ups Industrial and Commercial Bank of China

Moody's Investors Service said it upgraded to D- from E+ the bank financial strength rating for China-based Industrial and Commercial Bank of China.

The outlook is stable.

The upgrade concludes a review of the company's ratings that started Aug. 9. The bank's A2 long-term deposit and P-1 short-term deposit ratings, both with a positive outlook, were unaffected, Moody's said.

The upgrade reflects the bank's significantly improved financial position, particularly its strengthened capital levels, Moody's said. After its initial public offering on the Hong Kong and Shanghai Stock Exchanges on Oct. 27, its total regulatory capital adequacy ratio - as estimated by Moody's - rose to more than 14%.

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