...The ratings on ICBC Financial Leasing Co. Ltd. (ICBCFL) and ICBCIL Finance Co. Ltd. (ICBCIL Finance) reflect the ratings on their ultimate parent, Industrial and Commercial Bank of China Ltd. (ICBC: A/Stable/A-1; cnAA+/cnA-1). We view both companies as core subsidiaries of the group. ICBCFL shares the same management team and brand with its Ireland-incorporated internationally focused sister company ICBC International Leasing Co. Ltd. (ICBCIL). We view these two companies together with their subsidiaries as the "leasing subgroup" of ICBC. In our view, this leasing subgroup is core to the wider ICBC group, and both ICBCFL and ICBCIL play critical roles in the subgroup. As such, we equalize the credit profiles of ICBCFL with that of ICBC. We consider ICBCIL Finance, the wholly owned finance company of ICBCIL incorporated in Hong Kong, to be a core subsidiary of the leasing subgroup, and, in turn, a core subsidiary of the parent bank. The leasing subgroup serves an important strategic role...
