Fitch: ICBC Asia notes A-

Fitch Ratings said it assigned Industrial and Commercial Bank of China (Asia) Ltd.'s (ICBC Asia) lower tier-2 subordinated notes a final rating of A-.

The bank's long-term foreign-currency issuer default rating of A, short-term foreign-currency issuer default rating of F1 and subordinated notes rating of A- are unaffected.

The RMB 1.5 billion notes carry a 6% fixed-coupon throughout their 10-year tenor. They are issued from the bank's $5 billion medium-term note program, will be callable by ICBC Asia after five years and represent direct, unsecured and subordinated obligations of ICBC Asia, Fitch said.

The new instrument will be written down permanently and cease to pay coupons if the Hong Kong Monetary Authority decides that such a write-down is necessary or that it is in the public interest to provide support to maintain or restore ICBC Asia's viability, the agency said.

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