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Prospect News home > News index > List of issuers I > Headlines for Industrial and Commercial Bank of China (Asia) Ltd. > News item |
Fitch cuts ICBC Asia notes
Fitch Ratings said it downgraded Industrial and Commercial Bank of China (Asia) Ltd.'s RMB 1.5 billion Basel III-compliant Tier 2 subordinated notes to BBB+ from A-.
Fitch said the downgrade reflects its reassessment of the notes' recovery prospects stipulated in their and other Basel III instruments' write-down clauses.
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