Fitch rates ICBC Asia notes BBB+

Fitch Ratings said it assigned a final BBB+ rating to Industrial and Commercial Bank of China (Asia) Ltd.'s (ICBC Asia) $500 million 5 1/8% fixed-rate lower tier-2 subordinated notes maturing Nov. 30, 2020.

The notes are rated one-notch below the bank's A- long-term issuer default rating, and also have been placed on Rating Watch positive to reflect the fact that the bank's issuer default rating is currently on Rating Watch positive.

This action follows the completion of the notes issue and receipt of documents conforming to information previously received. The final rating is the same as the expected rating assigned in November, Fitch said.

Fitch said it is aware that ICBC Asia is currently in the process of being taken private by its parent, Industrial & Commercial Bank of China, and that the minority shareholders have given approval to proceed with a scheme of arrangement to effect privatization.

Once the process is concluded, expected before the end of December, the agency said it expects to upgrade the long-term issuer default rating of ICBC Asia to A and the notes to A-.

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