S&P assigns ICBCIL Finance A rating

Standard & Poor’s said it assigned an A long-term and A-1 short-term issuer credit ratings to ICBCIL Finance Co. Ltd., along with cnAA+ long-term and cnA-1 short-term Greater China regional scale ratings.

The agency also assigned cnAA long-term and cnA-1 short-term Greater China regional scale ratings to the company’s proposed $5 billion medium-term note program.

The outlook is stable.

S&P said it equalized the rating on ICBCIL Finance with that on Industrial and Commercial Bank of China Ltd. to reflect a view that ICBCIL Finance is a core subsidiary of ICBC for expanding the leasing business in offshore markets for the Chinese bank.

ICBCIL Finance is a wholly owned finance company of ICBC International Leasing Co. Ltd., a sister company of ICBC Financial Leasing Co. Ltd.

ICBCIL Finance is viewed as a core entity to the leasing subgroup, the agency said.

S&P said it believes ICBCIL Finance plays an instrumental role in supporting the offshore leasing operations of ICBC.

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