Moody’s ups ICBC Macau to A2/P-1

Moody's Investors Service said it upgraded the deposit ratings of Industrial and Commercial Bank of China (Macau) Ltd. to A2/P-1 from A3/P-2.

The bank has strengthened its local franchise in Macau while maintaining geographically diversified loans exposures to Macau, Hong Kong and Mainland Chinese borrowers, the agency said. It has also maintained good asset quality metrics, sound capitalization, and adequate profitability.

These factors contribute to the upward change in the bank's baseline credit assessment to baa3 from ba1. ICBC Macau's bank financial strength rating was affirmed at D+.

The outlook remains stable.

Moody's parental support assumptions for ICBC Macau's long-term ratings remain unchanged. In Moody's assessment, there is very strong support from the bank's parent Industrial and Commercial Bank of China (ICBC), which results in four notches of uplift in the A2 long-term deposit rating from the baa3 standalone assessment.

© 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.