ICBC Financial Leasing Co. Ltd. (ICBCFL) and ICBCIL Finance Co. Ltd. (ICBCIL Finance) are core members of the Industrial and Commercial Bank of China Ltd. group. ICIL Aero Treasury Ltd. plays a critical role in facilitating the aviation leasing business of ICBCFL, as the company's overseas financing platform. The stable outlooks on ICBCFL and ICBCIL Finance reflect our expectation that these companies will remain core entities of Industrial and Commercial Bank of China Ltd. (ICBC; A/Stable/A-1) over the next two years. As such, the ratings on the companies will move in tandem with those on ICBC, the ultimate parent. We could lower the ratings on ICBCFL and ICBCIL Finance if we downgrade ICBC. We could also lower the ratings on
