Fitch rates ICBC Pan A-

Fitch Ratings said it assigned Industrial and Commercial Bank of China Ltd., Panama Branch (ICBC Pan) a long-term issuer default rating of A-.

The outlook is stable.

The agency also assigned a short-term issuer default rating of F1, and an expected commercial paper rating of F1+.

Fitch said ICBC Pan's ratings reflect its status as a branch of Industrial and Commercial Bank of China Ltd. (ICBC).

The ratings are capped at Panama's country ceiling of A- as any transfer and convertibility restrictions imposed by the domestic sovereign are likely to apply to deposits and other liabilities booked in the branch, Fitch said.

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