Core subsidiary of its higher rated parent, ICBC. Strong market position in China's leasing industry. More cost efficient relative to income than peers. Short-dated funding. Some name concentration in the leasing portfolio. Moderate capitalization. The stable outlook on ICBC Financial Leasing Co. Ltd. reflects the company's core status to its parent Industrial and Commercial Bank of China Ltd. (ICBC: A/Stable/A-1; cnAA+/cnA-1), which ties the outlook and rating on the company to those on ICBC. We expect ICBCFL to remain a core subsidiary of ICBC over the next two years. We also expect the parent to continue to support the subsidiary's growth and maintain its controlling ownership. We could lower the rating on ICBCFL if we no longer view the company
