ICBC – Ratings Affirmed with a Stable Outloo k

Ref: CN007 21 CRA00- 0 1 2 September 202 2

ICBC – Ratings Affirmed with a Stable Outloo k

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Industrial and Commercial Bank of China (ICBC) at ‘A’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed ICBC ’s Bank Standalone Rating ( BSR ) and Co re Financial Strength ( CFS ) rating of ‘bbb-’ and ‘bbb’ , respectively. The Outlook for the LT FCR and BSR remains Stable.

The four-notch uplift of the LT FCR above the BSR is based on an Extraordinary Support Level (E SL ) of Very High. The ESL takes into account ICBC’s majority state-ownership and G-SIB status, as well as CI’s view that the authorities would have the financial capacity to assist the Bank if required….