Moody's: ICBCA view stable

Moody's Investors Service said it changed the outlook on the C- bank financial strength rating and the A2 long-term local- and foreign-currency deposit ratings of Industrial and Commercial Bank of China (Asia) Ltd. to stable from negative.

There is no change to the stable outlook on the bank's short-term local- and foreign-currency deposit ratings of Prime-1.

The change in outlook to stable mainly reflects the increase in its tier 1 capital in 2009, resilience during the latest global financial crisis, expected recovery in its profitability and the improved operating environment, Moody's said.

With continued efforts to optimize the loan and deposit structures, to broaden the business scope with clients and to leverage off the relationship with its parent bank, Industrial & Commercial Bank of China, ICBCA's profitability is expected to improve gradually, the agency said.

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