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Moody’s ups Chinese financial leasing companies
Moody's Investors Service said it upgraded the ratings of the following four Chinese financial leasing companies to align with their parent banks' ratings:
• China Development Bank Financial Leasing: Long-term issuer rating to Aa3 from A1 and aligned with China Development Bank Corp.'s (CDB, Aa3 negative) rating;
• ICBC Financial Leasing Co., Ltd.: Long-term issuer rating to A1 from A2 and aligned with Industrial & Commercial Bank of China Ltd.'s (ICBC, A1 negative) rating;
• CCB Financial Leasing Corp. Ltd.: Long-term issuer rating to A1 from A2 and aligned with China Construction Bank Corp.'s (CCB, A1 negative) rating; and
• CMB Financial Leasing Co., Ltd.: Long-term issuer rating upgraded to Baa1 from Baa2 and aligned with China Merchants Bank Co., Ltd.'s (CMB, Baa1 negative) rating.
Moody's also affirmed the short-term issuer ratings of the four leasing companies and the P-1 commercial paper program of Icbcil Finance Co. Ltd.
At the same time, the agency upgraded the medium-term note program ratings and note ratings of Icbcil Finance Co. Ltd. and CCBL (Cayman) 1 Corp. Ltd., and the senior unsecured note rating of CCBL (Cayman) Corp. Ltd.
The outlook on all ratings is negative, in line with the negative outlooks of the parent banks.
Moody’s said the actions follow its reassessment of parental support for the four leasing companies. The agency believes that the amount of extraordinary parental support the leasing companies would receive under a situation of stress has further increased in the context of their management control, business development, operations and regulatory framework over the past few years.
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