Fitch: ICBCIL Finance notes A

Fitch Ratings said it assigned an expected A rating to ICBCIL Finance Co. Ltd.'s proposed long-term senior unsecured dollar-denominated notes.

ICBCIL Finance functions as the exclusive treasury platform for the offshore leasing operations of ICBC Financial Leasing Co. Ltd., the agency said.

The notes will be issued under ICBCIL Finance's existing medium-term note program and 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 the ordinary course of trading and other general corporate purposes, the agency said.

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

The rating on the notes primarily reflects the extremely high probability of support from ICBC Financial Leasing, the agency said.

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