Credit Ratings of Industrial and Commercial Bank of China Limited

Moody's
On July 7, 2006, Moody's upgraded the rating outlook of long-term foreign currency bank deposits of Industrial and Commercial Bank of China Limited (ICBC) from "stable" to "positive".
On August 9, 2006, Moody's adjusted the Bank Financial Strength Rating (BFSR) of ICBC to "on review for upgrade".
December 06, 2006 -- Moody's Investors Service has today upgraded to D- from E+ the Bank Financial Strength Rating (BFSR) for Industrial and Commercial Bank of China (ICBC). The upgrade concludes a review of ICBC's BFSR started on August 9, 2006.
On July 26th, 2007, Moody's upgraded the long-term foreign currency bank deposits rating of Industrial and Commercial Bank of China (601398SH, 1398HK) to 'A1' from 'A2', following the rating agency's earlier upgrade of ICBC’s long-term foreign currency bank deposits rating to “on review for upgrade” on May 30th, 2007.

S&P
On September 28, 2005, S&P adjusted the rating of long-term foreign currency bank deposits of ICBC from "BBB-" to "BBB+", and shot-term foreign currency bank deposits from "A-3" to "A-2", and the rating outlook to "stable". The BFSR of ICBC was upgraded from "D+" to "C".
On December 15, 2006, S&P has today adjusted the long-term credit rating outlook from "stable" to "positive" for Industrial and Commercial Bank of China (ICBC).
On November 22, 2007, S&P adjusted the rating of long-term foreign currency bank deposits of ICBC from "BBB+" to “A-”.