ICBCIL Finance#s Senior Unsecured Debt Rating All Issue Ratings Taken Off UCO On Updated Criteria

Stocks and Financial Services Press Releases Wednesday October 11, 2017 16:37
HONG KONG--11 Oct--S&P Global Ratings

HONG KONG (S&P Global Ratings) Oct. 11, 2017--S&P Global Ratings said today that it has reviewed its senior unsecured issue-level ratings for ICBCIL Finance Co. Ltd. that were "under criteria observation" (UCO) after publishing its revised issue ratings criteria, "Reflecting Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017. With our criteria review complete, we are removing the UCO designation from these ratings and are raising our long-term issue rating on the senior unsecured debt issued under ICBCIL Finance's US$10 billion medium-term note ( MTN) program to 'A' from 'A-'. We are also raising our short-term issue rating on the MTN program to 'A-1' from 'A-2' following the long-term issue rating change.

These rating actions stem solely from the application of our revised issue rating criteria and do not reflect any change in our assessment of the issuer credit ratings for ICBCIL Finance (A/Stable/A-1).

Our rating action takes into consideration the capital structure of ICBC International Leasing (ICBCIL), the offshore leasing platform of Industrial and Commercial Bank of China Ltd. (ICBC; A/Stable/A-1) and direct parent of ICBCIL Finance. ICBCIL's consolidated debt consists of Chinese renminbi (RMB) 51.7 billion (US$7.6 billion) of senior secured debts at the parent and its subsidiaries, including numerous special purpose vehicles, and RMB72.8 billion (US$10.7 billion) unsecured debts at the parent and ICBCIL Finance at end of June 2017.

We have therefore arrived at the following analytical conclusion: The senior unsecured debt issued under the US$10 billion MTN program by ICBCIL Finance is rated 'A', the same as the issuer credit rating, because we identified no source of significant subordination.

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