Fitch: ICBC Financial notes A

Fitch Ratings said it assigned an expected A rating to ICBC Financial Leasing Co. Ltd.’s (ICBC Leasing) proposed long-term senior unsecured notes.

ICBC Leasing was established by Industrial and Commercial Bank of China in 2007 as its wholly owned leasing arm, Fitch said.

The issuer under the medium-term note program will be Icbcil Finance Co. Ltd., Fitch said.

The proceeds will be used to fund the acquisition of assets in the ordinary course of trading, the agency said.

The notes will be denominated in dollars and have a tenor of between three and five years, Fitch said.

The ratings reflect an extremely high probability of support from ICBC Leasing to Icbcil Finance, the agency said.

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