Fitch ups ICBC Standard Bank

Fitch Ratings said it upgraded ICBC Standard Bank plc's long-term issuer default rating to A- from BBB+, short-term issuer default rating to F1 from F2 and support rating to 1 from 2. The outlook is stable.

The short-term issuer default rating was removed from under criteria observation, where it was placed following the publication of an updated short-term ratings criteria.

“The upgrade of ICBC SB's long-term issuer default rating, which is now one notch below that of its parent, reflects our expectation that there is an extremely high probability that ICBC will support the subsidiary if necessary,” the agency said in a news release.

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