S&P lifts ICBC Financial to A/A-1

Standard & Poor's said it raised its issuer credit rating on ICBC Financial Leasing Co. Ltd. to A/A-1 from A-/A-1.

The outlook is stable.

The agency also raised its long-term Greater China regional scale rating on the company to cnAA+/cnA-1 from cnAA/cnA-1.

S&P said it raised the rating to reflect ICBC Financial’s increased operational and financial integration with its parent Industrial and Commercial Bank of China Ltd. (ICBC: A/stable/A-1; cnAA+/cnA-1). The agency now considers ICBC Financial to be a "core" subsidiary of its parent.

S&P continues to assess ICBC Financial standalone credit profile as bb+. The rating is five notches higher than the standalone credit profile because it equalizes the rating with the a group credit profile of ICBC.

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