Fitch: Icbcil Finance notes A

Fitch Ratings said it assigned final ratings of A to the $400 million 2 5/8% senior unsecured notes due 2018 and $600 million 3¼% senior unsecured notes due 2020 issued by Icbcil Finance Co., Ltd.

Fitch said it considers Icbcil Finance a subsidiary of ICBC Financial Leasing Co., Ltd.

Icbcil Finance’s notes will have the benefit of a keepwell deed and deed of asset purchase undertaking provided by ICBC Financial Leasing, Fitch said.

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

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

© 2015 Prospect News.
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