Core subsidiaries of ICBC. The stable outlooks on ICBC Financial Leasing Co. Ltd. (ICBCFL) and ICBCIL Finance Co. Ltd. (ICBCIL Finance) reflects our expectation that both companies will remain core subsidiaries of Industrial and Commercial Bank of China Ltd. (ICBC: A/Stable/A-1) at least for the next 24 months. As such, the ratings on the companies will move in tandem with the ratings on ultimate parent ICBC. We could lower the ratings on ICBCFL and ICBCIL Finance if we downgrade ICBC. We could also lower the ratings on ICBCFL and ICBCIL Finance if we no longer view the companies as core subsidiaries of the parent group. Such downside pressure could arise if: (1) the parent bank revises its strategy, lowering the
