S&P Global Ratings on Dec. 7 affirmed its mxAAA long- and mxA-1+ short-term issuer credit ratings on Industrial and Commercial Bank of China Mexico SA.
The outlook is stable.
S&P continues to view the Mexican subsidiary as highly strategic for its parent company, Industrial & Commercial Bank of China Ltd. The Mexican unit has received support since the beginning of its operations, particularly in terms of capital injections and funding to leverage its expected growth.
The rating agency does not expect the sale of the Mexican entity in the medium term.
ICBC Mexico's ratings also incorporate a business position reflecting a small market share, an average projected risk-adjusted capital ratio of 9.9% for the next 24 months and a risk position reflecting the aggressive growth of its credit portfolio and the concentration by segments and customers. In addition, the bank's funding consider its dependency with the parent company and sufficient liquidity to face short-term obligations.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
