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S&P assigns ICBC Austria long-term issuer credit rating

S&P Global Ratings on May 29 assigned ICBC Austria Bank GmbH an A- long-term issuer credit rating, with a stable outlook. The rating is one notch below parent company Industrial & Commercial Bank of China Ltd.'s "a" group credit profile.

The rating reflects the agency's view of ICBC Austria's strategic role in facilitating the group's expansion in Austria and other countries in central and eastern Europe. Moreover, the agency expects ICBC Austria to be highly integrated with its parent and enjoy operational, funding, liquidity and capital support from the group. The agency also expects the bank to benefit from indirect support from the Chinese government.

The stable outlook on ICBC Austria mirrors the outlook on its parent, which reflects the agency's view that the bank would receive timely support from Industrial & Commercial Bank of China in times of need over the coming two years.

Any ratings action on Industrial & Commercial Bank of China is likely to lead to a similar action on ICBC Austria, the agency added.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.