S&P affirms ICBC Asia

S&P said it affirmed the A long-term and A-1 short-term issuer credit ratings on Industrial and Commercial Bank of China (Asia) Ltd. (ICBC Asia).

The outlook is stable.

The agency also affirmed all of the issue ratings on the bank's outstanding debt.

“We affirmed the ratings to reflect our view that the bank will benefit from group support due to its status as an indispensable overseas platform for Industrial and Commercial Bank of China Ltd. (ICBC),” S&P said in a news release.

“In addition, we believe ICBC Asia's moderate systemic importance in Hong Kong could add a layer of extraordinary government support, if needed.”

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