S&P lifts Icbcil Finance

S&P said it reviewed the senior unsecured issue-level ratings for Icbcil Finance Co. Ltd. that were under criteria observation (UCO) after publishing a revised ratings criteria.

With the criteria review complete, the agency said it is removing the UCO designation and raising the long-term issue rating on the senior unsecured debt issued under Icbcil Finance's $10 billion medium-term note program to A from A-.

The agency also said it raised the short-term issue rating on the medium-term notes program to A-1 from A-2 following the long-term issue rating change.

These rating actions stem solely from the application of the revised issue rating criteria and do not reflect any change in the assessment of the company's issuer credit ratings, S&P said.

The rating action takes into consideration the capital structure of ICBC International Leasing (Icbcil), the offshore leasing platform of Industrial and Commercial Bank of China Ltd. (ICBC) and direct parent of Icbcil Finance, the agency said.

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