Highly strategically important entity to its higher rated bank owner, Industrial and Commercial Bank of China Ltd. One of the largest leasing companies in China with top market positions Short-dated funding Some name concentration in leasing portfolio The stable outlook on ICBCFL reflects the company's 100% ownership by its parent bank, ICBC. ICBCFL is considered a "highly strategically important subsidiary" to ICBC, resulting in a one-notch-lower rating from the issuer credit profile of the parent. Hence its outlook mirrors that of ICBC. A change in our ratings on ICBC would likely result in similar changes on ICBCFL, or alternatively, the rating on ICBCFL could change from a reassessment of its "highly strategically important" group status. It is currently difficult to
