...Issuer Default Ratings Equalized with Head Office's Ratings: Industrial and Commercial Bank of China Limited, Panama Branch's (ICBC Pan) ratings reflect its status as a branch of Industrial and Commercial Bank of China Limited (ICBC) that is fully integrated into the same legal entity. Fitch Ratings considers Panama's country risks as not imposing any transfer and convertibility restrictions that could affect deposits and other liabilities at the branch. Rating Outlook Revision to Stable: The revision of ICBC Pan's Rating Outlook to Stable from Negative on April 15, 2025 demonstrates the strong capability of its head office, ICBC, to provide extraordinary support. This is evidenced by the headquarters' Rating Outlook, which was also revised to Stable from Negative with a Long-Term Issuer Default Rating (IDR) affirmed at `A', even after China's sovereign rating was downgraded to `A'/Stable from `A+'/Negative. Similarly, ICBC's commitment to supporting the branch remains unchanged. International...
