Moody's Investors Service has assigned an
A1 rating to the proposed Chinese yuan-denominated notes to be issued by Industrial and Commercial Bank of China Limited (ICBC), Singapore Branch.
The rating outlook on the senior unsecured notes is stable.
The notes are being issued pursuant to the ICBC Singapore Branch's USD4
billion Euro Medium Term Note (EMTN) program.
The A1 debt rating is in line with ICBC's long-term deposit rating and
reflects the structure of the proposed issuance.
The notes constitute a direct, unconditional, unsecured, and
unsubordinated obligation of the issuer. They will be issued with a two,
five and seven-year tenor, pay fixed-rate coupons, and will be redeemable
at principal on maturity.
Industrial and Commercial Bank of China Limited is headquartered in Beijing. It reported assets of RMB20.3 trillion (approximately USD3.3
trillion) as of 30 June 2014.
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