Fitch rates ICBC Almaty BBB+

Fitch Ratings said it assigned Industrial and Commercial Bank of China (Almaty) JSC long-term foreign- and local-currency issuer default ratings of BBB+ with stable outlooks.

“The IDRs of‘BBB+ and support rating of 2 reflect Fitch’s view of a high probability of support, if needed, from the bank’s parent, Industrial and Commercial Bank of China Ltd. (ICBC, A/Stable). This view is based on full ownership, the high level of integration between the parent and the subsidiary, their common branding (implying reputational risks in case of a default by the subsidiary), and the low cost of potential support considering the subsidiary’s small size relative to the parent’s (less than 0.1% of the group’s consolidated assets),” said Fitch in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.