Fitch rates Icbcil Finance notes A

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

“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 ICBC Leasing's offshore leasing operations. ICBC Leasing is the wholly owned leasing arm of Industrial and Commercial Bank of China Ltd. (ICBC, A/stable), which provides aviation, shipping, and equipment leasing services,” Fitch said in a press release.

The proceeds will be used to fund ordinary asset purchase activities, refinancing and other general corporate purposes.

The outlook is stable.

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