The stable outlook on ICBC Europe mirrors that on ICBC Group and reflects our view that ICBC Europe would receive timely support from its parent under almost all foreseeable consequences. We expect ICBC Europe to remain highly strategic to the group. We could lower our rating on ICBC Europe if we lower our rating on ICBC Group due to a deterioration of the parent's creditworthiness or if we see weakening government support from China to ICBC Group's foreign operations. We could also downgrade ICBC Europe if we saw a weakening in the links between ICBC Europe and its parent, however we view this scenario as very unlikely. We could raise our rating on ICBC Europe if we take a similar
