Moody's affirms ICBC Asia

Moody's Investors Service said it affirmed Industrial and Commercial Bank of China (Asia)'s (ICBC Asia) bank financial strength rating at C-, local- and foreign-currency deposit ratings at A2 and short-term ratings at prime-1.

The outlook is stable.

The affirmation follows news that ICBC Asia's parent, Industrial and Commercial Bank of China, has made a proposal to privatize the bank, Moody's said.

The ratings reflect ICBC Asia's solid financials and adequate capital position and an expectation that support from the parent bank after the privatization would remain very high, Moody's said.

The privatization also would provide greater flexibility for ICBC to support ICBC Asia's future business growth, the agency said, and further enhance business integration by leveraging the large network and customer base of ICBC in China.

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