80% owned by and under full operational control of Industrial and Commercial Bank of China Ltd. (ICBC; A/Stable/A-1), ICBC (USA) N.A. is the group's platform for providing commercial and retail banking services in the U.S. We view ICBC (USA) as highly strategic to its parent, ICBC, reflecting its controlling ownership, key role in facilitating the group's banking strategy in the U.S., and consistent history of operational, capital, and liquidity support. We assigned our 'A-' long-term issuer credit rating to ICBC (USA), one notch below the 'a' group credit profile on ICBC. The stable outlook on the rating mirrors that of ICBC, reflecting our view that ICBC (USA) will remain essential to the group's strategy and that the parent is likely
