Moody’s rates ICBC New Zealand program A1

Moody's Investors Service said it assigned a provisional A1 program rating to Industrial and Commercial Bank of China (New Zealand) Ltd.’s (A1 stable) $100 million medium-term note program.

The outlook is stable.

The provisional A1 rating assigned to the program is aligned with the bank's existing A1 long-term issuer rating.

Moody’s said the ratings incorporate a very high probability of parental support, due to the existence of a guarantee provided by the bank’s parent, Industrial & Commercial Bank of China Ltd. (A1/stable/P-1).

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