S&P assigns A to ICBC program

Standard & Poor's said it assigned its A long-term and A-1 short-term local and foreign currency ratings and cnAA+ long-term and cnA-1 short-term Greater China regional scale ratings to Industrial and Commercial Bank of China Ltd.'s (ICBC: A/stable/A-1; cnAA+/cnA-1) proposed $10 billion medium-term note program.

Under the program, the bank's London branch may issue notes up to a maximum aggregate amount of $10 billion with varying maturity.

S&P equalized the issue ratings on the proposed program with the issuer credit ratings on ICBC. It also views the creditworthiness of ICBC's London branch the same as the bank's creditworthiness, according to the criteria.

The issuer's obligations under the program will rank equally with its all other present and future unsubordinated and unsecured debt.

ICBC will use the net proceeds from each issue of the program for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.