Fitch rates ICBC Financial Leasing notes A

Fitch Ratings said it assigned a final long-term rating of A to ICBC Financial Leasing Co., Ltd.’s $5 billion medium-term note program.

The agency also said it assigned final ratings of A to the $500 million of 2.6% senior unsecured notes due 2018, $700 million of 3.2% senior unsecured notes due 2020 and $300 million of floating-rate senior unsecured notes due 2018 issued under the medium-term notes program.

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

ICBC is the largest of China’s state-owned commercial banks and the largest bank in the world by assets, the agency said.

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

The rating on the notes reflects an assessment of an extremely high probability of support from ICBC Leasing to the company, the agency said.

© 2015 Prospect News.
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