trending Market Intelligence /marketintelligence/en/news-insights/trending/w02zemygkvgmoydzngj-hg2 content esgSubNav
In This List

Moody's acts on ICBC Standard Bank

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Moody's acts on ICBC Standard Bank

Moody's on May 16 upgraded ICBC Standard Bank PLC's baseline credit assessment to "ba3" from "b1" and adjusted baseline credit assessment to "baa2" from "baa3."

The rating agency also affirmed ICBC Standard Bank's Baa3/Prime-3 long- and short-term deposit ratings, Baa3 long-term issuer rating and Baa2(cr)/Prime-2(cr) long- and short-term counterparty risk assessments. The outlook on the long-term deposit and issuer ratings remains stable.

The upgrade of the baseline and adjusted baseline credit assessments is based on the bank's return to profit in 2017, following losses in previous years that were driven by depressed commodities prices and a relatively high operating cost base. The upgrade also reflects the steady integration of ICBC Standard Bank within the process and customer base of Industrial & Commercial Bank of China Ltd., which owns a 60% stake in the U.K.-based bank.

The stable outlook on ICBC Standard Bank reflects Moody's expectation that the bank's fundamentals will remain broadly unchanged over the next 18 months, as the lender further completes its integration with ICBC.