S&P rates ICBC Luxembourg notes A

S&P said it assigned an A long-term issue ratings to the proposed drawdowns of senior unsecured notes by Industrial and Commercial Bank of China Ltd.'s Luxembourg Branch (ICBC Luxembourg).

The drawdowns are under the bank’s €8 billion medium-term notes program.

S&P said it has equalized the issue rating on the senior unsecured notes with the issuer credit ratings on Industrial and Commercial Bank of China Ltd. (ICBC).

The notes will constitute direct, unsubordinated, unconditional and unsecured obligations of ICBC Luxembourg, the agency said, and will at all times rank equally among themselves.

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