Moody’s gives A1 to ICBC notes

Moody's Investors Service said it assigned an A1 rating to the proposed Chinese yuan-denominated notes to be issued by Industrial and Commercial Bank of China Ltd.’s Singapore Branch.

The outlook on the senior unsecured notes is stable.

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

Moody’s said the A1 debt rating is in line with ICBC's long-term deposit rating and reflects the structure of the proposed issuance.

The notes constitute a direct, unconditional, unsecured, and unsubordinated obligation of the issuer. They will be issued with a two, five and seven-year tenor, pay fixed-rate coupons and will be redeemable at principal on maturity.

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