S&P gives A to ICBC Asia

S&P said it assigned its A long-term and A-1 short-term issuer credit ratings to Industrial and Commercial Bank of China (Asia) Ltd. The outlook on the long-term rating is stable.

At the same time, S&P assigned a cnAA+ long-term and cnA-1 short-term Greater China regional scale ratings to the Hong Kong-based bank.

“The rating on ICBC Asia reflects the bank's core status to its sole shareholder and parent, Industrial and Commercial Bank of China Ltd. (ICBC),” said S&P credit analyst Frank Wu in a news release. “We expect ICBC Asia to be an indirect beneficiary of support from the Chinese government, if needed.”

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