S&P rates ICBC Moscow BBB

Standard & Poor's said it assigned a BBB long-term and A-2 short-term counterparty credit ratings to ZAO Industrial and Commercial Bank of China (Moscow) (ICBC Moscow).

The outlook is negative.

The agency also said it assigned ruAAA Russia national scale ratings to the bank.

The ratings reflect the bank's highly strategic role as a subsidiary of Industrial and Commercial Bank of China Ltd., S&P said.

The ratings on ICBC Moscow are capped at the level of transfer and convertibility assessment and foreign-currency rating on the Russian Federation because the bank is directly exposed and highly sensitive to the economic and operating conditions prevailing in Russia, the agency said.

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