S&P Global Ratings placed an A long- and A-1 short-term local and foreign currency issue ratings to ICIL Aero Treasury's $20 billion medium-term note program, according to a Thursday release.

Notes under the program will serve as the company's obligations and will rank equally with its other obligations with similar features, according to S&P.

The company has similar creditworthiness to Industrial and Commercial Bank of China (HKG:1398), given its centralized treasury role for the bank's overseas aircraft leasing segment, S&P said.

The company retains a core status for ICBC Financial Leasing, which in turn is a core subsidiary of the ICBC group, the rating agency said.