Fitch Ratings on Aug. 6 upgraded the long- and short-term issuer default ratings of U.K.-based ICBC Standard Bank PLC to A-/F1 from BBB+/F2, with the long-term rating carrying a stable outlook.

The rating agency removed the short-term rating from under criteria observation. Fitch also raised the bank's support rating to 1 from 2, its derivative counterparty rating to A-(dcr) from BBB+(dcr) and its long- and short-term senior unsecured ratings to A-/F1 from BBB+/F2.

The upgrade reflects Fitch's expectation of a high probability of support from Industrial & Commercial Bank of China Ltd., which controls 60% of the bank, supported by the high reputational risk the group might have to grapple with if it allowed the unit to collapse.