Moody’s rates ICBC Doha program A1

Moody's Investors Service said it assigned a provisional A1 long-term rating and provisional P-1 short-term rating to the $4 billion medium-term note program established by Industrial and Commercial Bank of China Ltd. (ICBC), Doha Branch.

At the same time, the agency assigned an A1(cr)/P-1(cr) counterparty risk assessment to ICBC's Doha Branch.

The provisional rating is in line with ICBC's A1 long-term deposit rating and P-1 short-term deposit rating, reflecting the structure of the proposed issuance.

Notes issued under the program will have maturity, subject, in relation to specific currencies, to compliance with all applicable legal and/or regulatory and/or central bank requirements, and constitute senior, direct, general, unsubordinated, and unsecured obligations of the issuer. They will at all times rank pari passu amongst themselves and at least pari passu with all other present and future unsecured and unsubordinated obligations of the issuer.

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