Fitch rates 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., Fitch 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 Leasing, the agency said.

The notes will be listed on the Hong Kong Stock Exchange and the proceeds will be used primarily offshore for funding the acquisition of assets in the ordinary course of trading and other general corporate purposes, Fitch said.

The rating on the notes reflects an assessment of an extremely high probability of support from ICBC Leasing to ICBCIL Finance, the agency said.

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