Fitch Ratings has assigned Industrial and Commercial Bank of China (Macau) Limited (ICBC Macau) a long-term foreign currency issuer default rating (IDR) of ‘A’ with a stable outlook.
ICBC Macau’s rating is on par with that of its parent company, Industrial and Commercial Bank of China, which holds 89.3 shares in the local bank, which Fitch said reflects “very likely support from the parent company.” pointing out.
“ICBC Macau plays a key strategic role in ICBC’s Greater Bay Area development strategy in China. It supports business transactions,” the rating agency said.
“ICBC Macau’s strategic role, which includes working with other group companies to support China’s strategy in developing the Greater Bay Area, has been driven by a very strong trend of support from ICBC and the parent company’s support-driven IDR. We believe it continues to justify our view on equalization with
ICBC Macau ICBC is Macau’s second-largest commercial bank and, apart from being ICBC’s second-largest overseas subsidiary, accounted for about 16% of system assets at the end of 2021, according to Fitch.
