We continue to view ICBCFL and ICBCIL Finance as core subsidiaries of the ICBC group. We expect the companies to benefit from potential extraordinary government support to the parent bank. We are therefore affirming our 'A/A-1' issuer credit ratings on ICBCFL and ICBCIL Finance. We are also affirming our 'A-/A-2' ratings on the rated issues of ICBCIL Finance. The stable outlook on the two companies reflects the outlook on the parent bank and our expectation that the companies will remain core subsidiaries of the parent over the next two years. On June 17, 2016, S&P Global Ratings affirmed its 'A' long-term and 'A-1' short-term issuer credit ratings on ICBC Financial Leasing Co. Ltd. (ICBCFL) and ICBCIL Finance Co. Ltd. The
