Fitch gives Icbcil Finance notes A

Fitch Ratings said it gave Icbcil Finance Co. Ltd.'s planned senior unsecured dollar-denominated notes an expected A rating. The notes will be issued under Icbcil Finance's medium-term note program and benefit from a keepwell and liquidity support deed and deed of asset purchase undertaking provided by ICBC Financial Leasing Co., Ltd. The maturity of the notes is to be determined.

“The rating on the proposed notes reflects our assessment of an extremely high probability of support from ICBC Leasing to Icbcil Finance, which is the primary treasury platform for the ICBC Leasing's offshore leasing operations,” Fitch said in a press release.

The proceeds will be used to fund ordinary asset purchase activities, refinancing (including refinancing of eligible wind power projects under ICBC Leasing's green finance framework) and other general corporate purposes.

The outlook is stable.

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