News Column

Moody's assigns P-1 to ICBC's CP and CD Program

July 17, 2014

Moody's Investors Service has assigned a P-1 rating to the USD5 billion multicurrency commercial paper (CP) and certificate of deposit (CD) program to be established by Industrial and Commercial Bank of China Limited (ICBC).

ICBC is acting through its Singapore Branch.


The P-1 rating is in line with ICBC's short-term deposit rating, and reflects both the structure of the proposed issue and ICBC's A1 long-term deposit rating.

The P-1 rating applies only to CP notes and CDs with a maturity of less

than one year.

The CP notes and CDs may be issued at a discount, or may bear fixed or

floating rate interest. Both the CP notes and CDs will be redeemed at par

on maturity.

The CP notes and CDs will rank at least pari passu with all present and

future unsecured and unsubordinated obligations of the issuer.

Industrial and Commercial Bank of China Limited is headquartered in

Beijing. It reported assets of RMB19.7 trillion (approximately USD3.2

trillion) at 31 March 2014.

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Source: EMBIN (Emerging Markets Business Information News)

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