Moody's rates ICBC Asia notes A3

Moody's Investors Service said it assigned provisional A2 and provisional A3 long-term senior and subordinated debt ratings to Industrial and Commercial Bank of China (Asia) Ltd.'s (ICBC Asia) $5 billion medium-term note program.

The provisional A3 rating applies to dated or plain vanilla subordinated debt only, Moody's said. It does not apply to undated subordinated debt, the agency said.

The agency also assigned an A3 rating to the proposed dollar-denominated fixed-rate subordinated debt to be issued under the program.

The outlook is stable.

These ratings are subject to the receipt of final documents.

The bank has a long-term foreign and domestic bank deposits rating of A2, long-term senior foreign and domestic unsecured debt of A2, long-term foreign and domestic subordinated debt of A3 and short-term foreign and domestic bank deposits rating of prime-1.

The dated subordinated debt to be issued is rated one-notch below the bank's existing A2 long-term deposit ratings, reflecting its subordinated status, Moody's said.

The ratings reflect its satisfactory franchises and financials, its resilience during the global financial crisis and the potential for support from both ICBC Asia's parent, Industrial and Commercial Bank of China, and the Hong Kong government in the event of stress, the agency said.

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