S&P affirms ICBC

Standard & Poor's said it affirmed the A- long-term and A-2 short-term foreign-currency counterparty credit ratings on Industrial and Commercial Bank of China Ltd.

The outlook remains positive.

The affirmation reflects the solid improvement in ICBC's asset quality and financial performance in the first half, S&P said. The action also reflects the bank's commitment to internal reforms, a focus on non-credit businesses and the steady overhaul of its risk management.

Ratings reflect the bank's strong domestic franchise, strong liquidity and improving profitability, the agency said.

These strengths are counterbalanced by the bank's developing credit culture, still under-tested risk management system and latent credit risk, S&P noted.

© 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.