Moody's ups ICBC view to positive

Moody's Investors Service said it changed the outlook of the D- bank financial strength rating of Industrial and Commercial Bank of China Ltd. to positive from stable. Its A1 long-term foreign-currency deposit rating, upgraded from A2 in July and prime-1 short-term deposit rating remain unchanged with a stable outlook.

The upgrade follows similar action on China's sovereign ratings, Moody's said.

The positive outlook reflects the bank's continued progress in achieving reform beyond the initial public offering, the agency said. The bank is on a positive track towards achieving further improvements based on its own initiatives, which include the development of risk management and internal controls, Moody's added.

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