Moody’s rates ICBC Hong Kong program A1

Moody's Investors Service said it assigned provisional A1 long-term rating and provisional P-1 short-term rating to the $4 billion medium-term note program to be established by Industrial and Commercial Bank of China Ltd.’s Hong Kong branch.

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

The notes issued under the program may be denominated in any currency and have any maturity. They constitute senior, direct, general, unsubordinated, unsecured and unconditional obligations of the issuer which 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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