S&P rates ICBC notes A

Standard & Poor's said it assigned an A foreign-currency issue rating and cnAA+ Greater China credit scale rating to the proposed A$400 million of senior unsecured notes of Industrial and Commercial Bank of China Ltd.

The issue is the first drawdown from the $4 billion debt instrument program that the bank's Sydney branch recently established.

The three-year notes will carry a floating rate. They constitute direct, unsecured and unsubordinated obligations of the bank, S&P said.

They will rank pari passu with all other unsecured and unsubordinated obligations of the bank.

The proceeds will be used from the issue for general corporate purposes.

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