Moody's assigns ICBC notes A1

Moody's Investors Service said it assigned an A1 rating to the $500 million three-year floating-rate senior unsecured notes to be issued by Industrial and Commercial Bank of China Ltd. (ICBC), Singapore Branch.

The outlook is stable.

The proposed notes are being issued pursuant to the ICBC Singapore Branch's $4 billion euro medium-term note program.

S&P said the A1 debt rating reflects both the structure of the proposed issuance and ICBC's long-term deposit rating.

The notes constitute a direct, unconditional, unsecured, and unsubordinated obligation of ICBC, and rank pari passu among themselves and equally with all other unsecured obligations - other than any subordinated obligations - of ICBC.

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