Moody's rates ICBC (Sydney) notes A1

Moody's Investors Service said it assigned provisional A1 and provisional P-1 ratings to Industrial and Commercial Bank of China Ltd. (ICBC), Sydney Branch's $15 billion debt instrument program.

At the same time, the agency assigned a definitive A1 rating to the 550 million yuan 10-year fixed-rate medium-term notes drawdown under the program.

The outlooks are stable.

Proceeds will be used for general corporate purposes.

"The (P)A1/(P)P-1 long-term/short-term ratings on the program and the A1 long-term rating on the MTN drawdown reflect both the structure of the issuance and ICBC's A1/P-1 long-term/short-term deposit ratings," Moody's vice president and senior analyst Bin Hu said in a news release.

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