Fitch rates ICBCA (Asia)

Fitch Ratings said it assigned Industrial and Commercial Bank of China (Asia) Ltd. a long-term foreign-currency issuer default rating of A- and short-term foreign-currency issuer default rating at F2.

The outlook is stable.

The ratings reflects the high likelihood of support from its parent, Industrial & Commercial Bank of China, which has an A rating and stable outlook, as the bank's strategy and operations are increasingly integrated with those of its parent, Fitch said.

The ratings also consider its reliance on corporate lending and wholesale funding, as well as its growth prospects, the agency said.

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