Highly strategically important entity to its higher rated bank owner, Industrial and Commercial Bank of China Ltd. One of the largest leasing companies in China with top market positions Short-dated funding Some name concentration in leasing portfolio Our long-term issuer credit rating on ICBCFL reflects the finance company's SACP of 'bb+', plus its "highly strategically important" subsidiary status to its 100% parent bank owner, Industrial and Commercial Bank of China Ltd. (ICBC). The long-term issuer credit rating is 'A-', which is four notches higher than the SACP, reflecting the wholly owned leasing company's "highly strategically important" status to its parent, ICBC. While ICBCFL's size is very small relative to the group, with capital contributing only around 1% to consolidated group
