(P)A1/(P)P-1 ratings to
The ratings outlook is stable.
The notes under this program will be issued by
Limited's wholly owned subsidiary,
guaranteed by the
The (P)A1/(P)P-1 long-term/short-term ratings on the MTN program reflect
both the structure of the proposed issuance and ICBC's A1/(P)P-1
long-term/short-term deposit ratings.
The notes issued under the MTN program, which can have any maturity, will
be guaranteed by ICBC,
direct, irrevocable, unconditional, unsubordinated and unsecured
obligation of the branch.
general corporate purposes.
The ratings do not apply to any individual notes issued under the program.
Ratings on individual notes issued under the program will be subject to
Moody's satisfactory review of the terms and conditions set forth in the
final base and supplementary offering circular, and the pricing
supplements of the notes to be issued.
Moody's does not intend to assign ratings to individual notes issued under
the program, with features linked to the performance of another obligor
In addition, Moody's does not intend to assign ratings to notes for which
payment of principal or interest is variable and contractually dependent
on the occurrence of a non-credit-linked event or the performance of an
index (non-credit-linked notes). The only exception will be for notes
whose principal and coupon payments are affected by standard sources of
For more information, please see Moody's Cross-Sector Rating Methodology,
"Rating Obligations with Variable Promises," published on
The principal methodologies used in this rating were Rating Transactions
Based on the Credit Substitution Approach: Letter of Credit-backed,
Insured and Guaranteed Debts published on
www.moodys.com for a copy of this methodology.
is an indirect wholly-owned subsidiary of
directly wholly-owned subsidiary of Industrial and
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