Core subsidiary of ICBC. Strong market position in China's leasing industry. Better cost efficiency than peers. Some name concentration in the leasing portfolio. Moderate capitalization. Significant mismatch in asset-liability duration. Contingent exposure to ICBC International Leasing Co. The stable outlook on ICBCFL reflects the company's core status to its parent, 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 could lower the rating on ICBCFL if we no longer view the company to be a core subsidiary of the group. Downside pressure could arise if: The parent revises its strategy, lowering the support and commitment to ICBCFL; ICBCFL faces execution
