ICBC – Ratings Affirmed with a Stable Outlook

Ref: CN007 2 3 CRA00- 0 1 28 August 2024

ICBC – Ratings Affirmed with a Stable Outlook

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 ) at ‘bbb-’ and Co re Financial Strength ( CFS ) rating at ‘bbb’. 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 ESL of Very High. The ESL takes into account ICBC’s majority state-ownership and G-SIB status . Furthermore , the Chinese government has a strong track record of extending assistance to troubled banks in case of need, and ample resources and policy…