Industrial and Commercial Bank of China (ICBC) (Asia) has announced in Hong Kong the first credit ratings it received from Moody's Investors Service.

Moody's rated A2 for ICBC (Asia)'s long-term deposit, Prime-1 for short-term deposit, and D Bank Financial Strength Rating (BFSR). The outlook for the deposit ratings is stable while the outlook for the D BFSR is positive, reflecting ICBC (Asia)'s moderate financial fundamentals and evolving franchise in Hong Kong's intensely competitive market.

"The positive ratings by Moody's validate our ongoing initiative to grow our bank through active business development and by acquisitions," said Zhu Qi, managing director and chief executive officer of ICBC (Asia).

The A2 and Prime-1 deposit ratings indicate Moody's expectation of strong support ICBC (Asia) would continue to receive from parent company ICBC, which could manifest in capital and liquidity relief, and enhanced cross-border business opportunities.

Source: Xinhua