Fitch lifts ICBC Asia

Fitch Ratings said it upgraded Industrial and Commercial Bank of China (Asia) Ltd.'s (ICBC Asia) long-term issuer default rating to A from A- and its short-term issuer default rating to F1 from F2 and removed them from Rating Watch positive.

A stable outlook was assigned.

The agency also said it upgraded its short-term issuer default rating to F1 from F2 and lower tier 2 subordinated debt to A- from BBB+. Those agencies also were removed from Rating Watch positive.

The upgrade reflects heightened expectations of support from its Chinese parent, Industrial and Commercial Bank of China Ltd. (ICBC), given their increasing strategic and operational integration after becoming a 100%-owned subsidiary of ICBC, Fitch said.

ICBC Asia's ratings also consider the bank's continued reliance on corporate lending and wholesale funding, as well as its sound asset quality and well-managed liquidity and capital position, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.