May 11, 2017 / 7:57 AM / in 6 months

Fitch Affirms ICBC Asia at 'A'; Withdraws Ratings

(The following statement was released by the rating agency) HONG KONG, May 11 (Fitch) Fitch Ratings has today affirmed Industrial and Commercial Bank of China (Asia) Limited's (ICBC Asia) Long-Term Issuer Default Rating at 'A' with Stable Outlook. All ratings have simultaneously been withdrawn. A full list of rating actions is at the end of this rating action commentary. Fitch has chosen to withdraw the ratings of ICBC Asia for commercial reasons. KEY RATING DRIVERS IDRS, SUPPORT RATINGS AND SUBORDINATED DEBT The affirmation reflects that Fitch has not perceived any changes to Industrial and Commercial Bank of China Limited's (ICBC; A/Stable) ability and propensity to support its fully owned subsidiary, ICBC Asia. We viewed ICBC Asia as a core subsidiary of ICBC due to its shared brand identity and its important role in providing offshore financing to its parent's large corporate clients. We expect that support from the Chinese sovereign (A+/Stable) would flow through ICBC to ICBC Asia, if needed. RATING SENSITIVITIES IDRS, SUPPORT RATINGS AND SUBORDINATED DEBT Rating sensitivities are not applicable as the ratings have been withdrawn. Fitch has affirmed and withdrawn the following ratings on ICBC Asia: Long-Term IDR at 'A'; Outlook Stable Short-Term IDR at 'F1' Support Rating at '1' Commercial paper programme at 'F1' Subordinated notes without non-viability clauses at 'A-' Subordinated notes with non-viability clauses at 'BBB+' Contact: Primary Analyst Veronica Lau Director +852 2263 9924 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Sabine Bauer Senior Director +852 2263 9966 Committee Chairperson Ambreesh Srivastava Senior Director +65 6796 7218 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 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