S&P gives Icici Bank notes BB+, BB-

Standard & Poor's said it assigned its BB+ rating to the proposed $500 million senior unsecured notes and BB- rating to the proposed up to $500 million upper tier II subordinated notes to be issued by Icici Bank Ltd. (foreign currency BB+/positive/B).

The rating differential between the senior unsecured notes and the upper tier II subordinated notes reflects the subordinated nature of the notes and embedded interest deferral feature, the agency added.

S&P said that the proposed senior unsecured notes will be issued in two tranches with tenors of three and five years and will have no call or put option and the proposed upper tier II subordinated notes will be 15-year cumulative subordinated debt notes with a call option 10 years from the date of issue.

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