Fitch affirms ICBC Standard Bank

Fitch Ratings said it affirmed ICBC Standard Bank plc's long-term issuer default rating at BBB+ and short-term issuer default rating at F2.

The outlook is stable.

The agency said the ratings reflect a view that support from its 60% shareholder, Industrial and Commercial Bank of China Ltd. (A/stable/bb+/F1), is highly likely in case of need.

ICBC's issuer default ratings are driven by an expectation that the Chinese sovereign would be very likely to support the state-owned bank in the event of stress, Fitch said.

“We believe that this support would likely be extended to ICBC SB,” the agency said in a news release.

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