Moody’s rates ICBC notes A1

Moody’s Investors Service said it rated Industrial & Commercial Bank of China Ltd.’s planned senior unsecured renminbi-denominated notes to be issued by the Industrial & Commercial Bank of China Ltd. Dubai branch A1.

The notes will be sold under the bank’s $20 billion senior unsecured medium-term note program, which Moody’s rates (P) A1.

“While the MTN program allows ICBC to issue out of more branches, the current ratings apply only to the Dubai branch's issuances. Ratings on additional branches under this program and ratings on individual notes issued will be subject to Moody's review of the terms and conditions set forth in the final base and supplementary offering circular and the pricing supplements of the notes to be issued,” the agency said in a press release.

The branch’s outlook is stable, consistent with the bank’s stable outlook, Moody’s said.

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