We are assigning our 'A-/A-1' issuer credit ratings and our 'cnAA/cnA-1' Greater China regional scale ratings to Chinese-based leasing company ICBC Financial Leasing Co. Ltd. (ICBCFL). At the same time, we are also assigning our 'bb+' stand-alone credit profile to ICBCFL. The ratings reflect our view that ICBCFL is a highly strategically important subsidiary of Industrial and Commercial Bank of China Ltd. (ICBC), providing equipment, shipping, and aircraft leasing services predominately to large Chinese corporates. The stable outlook on ICBCFL reflects our view that ICBCFL will remain highly strategically important to ICBC, the parent, who will continue to support its growth and maintain its controlling ownership. On Oct. 30, 2013, Standard&Poor's Ratings Services assigned its 'A-/A-1' issuer credit
