Moody's rates Icici Bank bonds Baa2

Moody's Investors Service said it assigned Baa2 ratings to the foreign currency senior unsecured bonds to be issued in two tranches by Icici Bank Ltd. through its Bahrain branch.

The bonds, for an expected amount of $500 million, mature in 2010 and in 2012, respectively, the agency said, adding it has also assigned a Baa2 rating to the foreign currency junior subordinated debt to be issued by Icici Bank Ltd., for an expected amount of up to $500 million and which matures in 2022 with a call option from 2017.

The Baa2 ratings are placed at the new foreign currency sovereign debt ceiling assigned to India in May 2006 under Moody's revised methodology.

Moody's said that the Baa2 foreign currency ratings for both the senior unsecured and the upper tier II notes are constrained by the sovereign debt ceiling and that is the reason they are rated at the same level.

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