Moody’s gives ICBC Dubai program A1/P-1

Moody's Investors Service said it assigned provisional A1/provisional P-1 long-term and short-term ratings to the proposed $4 billion euro medium-term note program to be established by Industrial and Commercial Bank of China Ltd., Dubai branch.

"The provisional ratings are in line with ICBC's A1/P-1 long-term and short-term deposit ratings, reflecting the structure of the proposed issuance," Moody's vice president and senior credit officer Christine Kuo said in a news release.

Moody’s said the program allows the branch to issue senior notes with any maturities and any currencies, as specified in the applicable pricing supplement, which also specifies the interest rate and redemption structure.

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