Moody’s gives ICBC New York program A1

Moody's Investors Service said it assigned a provisional A1 long-term rating to the proposed $10 billion senior medium-term note program expected to be established by Industrial and Commercial Bank of China Ltd. (ICBC), New York branch.

The outlook is stable.

"The provisional rating is in line with ICBC's A1 long-term deposit rating and stable outlook, and reflects the structure of the issuance," Moody's vice president and senior credit officer Christine Kuo said in a news release.

The provisional A1 rating applies only to senior notes with a maturity of at least one year. The maturity, interest rate and redemption structure will be specified in the applicable pricing supplement. Notes issued under the program will be direct, unsecured, senior obligations of the issuer and ICBC and will rank pari passu with all other present and future unsecured and unsubordinated obligations of the issuer and ICBC.

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