S&P ups ICBC

Standard & Poor's said it raised the foreign-currency counterparty credit ratings on Industrial and Commercial Bank of China Ltd. (ICBC) to A/A-1 from A-/A-2.

The outlook is stable.

The agency said it raised the rating to reflect the consistent improvement in the bank's profitability, which has helped to underpin the bank's adequate capitalization amid disciplined loan growth.

Its financial profile remains adequate and at a comparable level to that of other rated regional banks, S&P said.

The upgrade also reflects a view that ICBC is likely to maintain adequate financial metrics, the agency said.

These positive factors are offset by the bank's still-concentrated operations in the moderately high-risk Chinese banking market and latent credit risks, S&P added.

© 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.