Moody's: Skysea bonds A1

Moody's Investors Service said it assigned a provisional A1 rating to the bonds to be issued by Skysea International Capital Management Ltd. and guaranteed by the Industrial and Commercial Bank of China Ltd. through its Hong Kong branch.

The outlook is stable.

Moody's said it expects to remove the bond rating's provisional status upon completion of the issuance and satisfactory review of the final terms of the documentation and obtaining confirmation of all necessary approvals.

The proceeds will be used to develop Industrial and Commercial Bank of China's offshore leasing business.

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