Highly strategic subsidiary of ICBC. The stable outlook on ICBC International Holdings Ltd. mirrors the rating outlook on parent Industrial and Commercial Bank of China Ltd. (ICBC: A/Stable/A-1). The outlook also reflects our view that ICBC International will remain the group's principal offshore investment and financial services platform and maintain its highly strategic group status over the next one to two years. We could downgrade ICBC International if we lower the rating on ICBC, or if we no longer believe the company to be a highly strategic subsidiary of the parent bank. The latter could occur if the group significantly reduces its stake in ICBC International or the subsidiary deviates from the group's strategies. We do not expect to upgrade
