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Moody's rates ICBCA notes A2
Moody's Investors Service said it assigned a prospective A2 rating to the proposed U.S. dollar guaranteed notes issue of ICBCA (CI) Ltd., a wholly owned subsidiary of ICBC (Asia). The outlook is stable.
Moody's said the prospective A2 rating incorporates ICBC (Asia)'s sound financial profile, its developing franchise in Hong Kong and the Mainland, and the strong support it receives from its majority parent - Industrial and Commercial Bank of China.
The proposed notes will constitute unsecured and unsubordinated obligations of ICBCA (CI), and which are unconditionally and irrevocably guaranteed by ICBC (Asia). The notes will mature in 2009 with a change-of-control put to holders.
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