Core subsidiary of ICBC. Strong market position in China's leasing industry. Better cost efficiency than peers. Some name concentration in the leasing portfolio. Moderate capitalization. Significant mismatch in asset-liability duration. Contingent exposure to ICBC International Leasing Co. The rating on ICBC Financial Leasing Co. Ltd. (ICBCFL) reflects our view that the company is a "core" subsidiary of Industrial and Commercial Bank of China Ltd. (ICBC: A/Stable/A-1; cnAA+/cnA-1). The rating is five notches higher than the ICBCFL's stand-alone credit profile (SACP) of 'bb+' because we equalize the rating with the 'a' group credit profile of ICBC. The SACP is driven by our anchor assessment for Chinese finance companies, the prudential regulation of the China Banking Regulatory Commission (CBRC), ICBCFL's strong market
