Fitch Ratings last week affirmed Macau-based Industrial and Commercial Bank of China (Macau) Ltd’s (ICBC Macau) long-term issuer default rating at ‘A’, with a stable outlook. Fitch views ICBC Macau as a core operating entity of the Chinese parent Industrial & Commercial Bank of China. It believes that ICBC will remain committed to supporting ICBC (Macau) with liquidity and capital for future growth. Fitch expects ICBC Macau’s “solid growth to continue and to be driven by client referrals from ICBC”, in addition to organic growth. This will likely further increase its mainland exposure. According to Fitch, ICBC Macau’s on- and off-balance sheet mainland-related exposures almost doubled to 34 percent of assets in 2012. ICBC Macau accounted for 0.5 percent of ICBC’s assets at end-2012, according to Fitch.
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