Highly strategic subsidiary of ICBC. The stable outlook on ICBC International Holdings Ltd. mirrors the rating outlook on its parent, Industrial and Commercial Bank of China Ltd. (ICBC; A/Stable/A-1). ICBC International is likely to remain the group's principal offshore investment and financial services platform. We expect ICBC International to maintain its highly strategic group status over the next one to two years. We could downgrade ICBC International if we lower the rating on ICBC, or if we no longer believe the company is a highly strategic subsidiary of the parent bank. The latter could occur if the group significantly reduces its stake in ICBC International, or if the subsidiary deviates from the group's strategies. We do not expect to upgrade
