Highly strategic subsidiary of Industrial and Commercial Bank of China Ltd. 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). The company is likely to remain the group's principal offshore investment and financial services platform. We expect it to maintain its highly strategic group status over the next two years. We could downgrade ICBC International if we lower the ratings on ICBC, or if we expect weaker extraordinary support from 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 ICBC International over
