Fitch: ICBC Financial notes A

Fitch Ratings said it assigned final ratings of A to ICBC Financial Leasing Co., Ltd.’s recent issuance consisting of $500 million of 2 3/8% senior unsecured notes due 2019, $500 million of 2¾% senior unsecured notes due 2021 and $300 million of 3 5/8% senior unsecured notes due 2026.

ICBC Financial Leasing is the wholly owned leasing arm of Industrial and Commercial Bank of China, Fitch said.

The proceeds of the proposed notes will be used for the purposes of funding the offshore leasing operations of ICBC Leasing and other general corporate purposes, the agency said.

The final ratings are in line with the expected ratings assigned May 4, Fitch said.

The notes will be issued under ICBCIL Finance Co. Ltd., the agency said.

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

Although ICBCIL Finance is owned by the bank and not by ICBC Leasing, it is highly integrated into ICBC Leasing’s operations and the bank has authorized and mandated ICBC Leasing to exercise full managerial and operational control over ICBCIL Finance, Fitch said.

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