We consider Industrial and Commercial Bank of China (Europe) S.A. (ICBC Europe) to be highly strategic to its parent, Industrial and Commercial Bank of China Ltd. (ICBC Group), which is likely to support ICBC Europe in almost all foreseeable circumstances. We expect ICBC Europe to be the indirect beneficiary of support from the Chinese government (through its parent bank), if needed. We assigned our 'A-' long-term and 'A-2' short-term ratings to ICBC Europe, one notch below our group credit profile on ICBC Group. The outlook is stable, in line with that on ICBC Group. On April 26, 2024, S&P Global Ratings assigned 'A-' long-term and 'A-2' short-term issuer credit ratings to Industrial and Commercial Bank of China (Europe) S.A. (ICBC
