S&P rates ICBC bonds A

Standard & Poor's said it assigned its A long-term and A-1 short-term local currency counterparty credit ratings to Industrial and Commercial Bank of China Ltd (ICBC).

The outlook on the long-term rating is stable.

At the same time, the agency said it assigned its A local currency issue rating and cnAA+ greater China credit scale rating to the bank's RMB 1 billion senior unsecured bonds issued in Hong Kong.

"Our long-term counterparty credit rating on ICBC is three notches higher than the bank's bbb stand-alone credit profile to reflect our opinion that ICBC is a government-related entity and there is a very high likelihood that the Chinese government would provide timely and sufficient extraordinary support in the event of the bank's financial distress," said S&P credit analyst Terry Sham in a news release.

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