Fitch cuts ICBC Macau notes to BBB+

Fitch Ratings said it downgraded the Industrial and Commercial Bank of China (Macau) Ltd.'s 10-year $500 million of subordinated notes to BBB+ from A- and removed them from under criteria observation.

Fitch put the rating under observation on March 4 after the publication of its updated bank rating criteria on Feb. 28.

ICBC Macau's other ratings are unaffected by the downgrade, Fitch said.

“Fitch's updated criteria reflect continuing developments in bank resolution, notably developments in bank resolution plans, the build-up of bail-in debt buffers that protect more senior creditors and their implications for default risk and recovery prospects for different senior and junior liability classes,” the agency said in a press release.

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