S&P revises Icici Bank view to stable

S&P said it revised its rating outlook on Icici Bank Ltd. to stable from negative. Concurrently, the agency affirmed the BBB- long-term issuer credit and senior notes ratings.

“We revised the rating outlook to reflect our view that Icici Bank will maintain its strong capital position over the next 24 months. The bank will benefit from the sale of stake in subsidiaries and gradual normalization of earnings, which should reduce risks associated with its capital position,” S&P said in a press release.

The agency said it sees the bank maintaining a risk-adjusted capital ratio of more than 10% over the next 24 months.

“Our expectation factors in 13%-14% credit growth for the bank, an improvement in earnings, and sale of stake in insurance subsidiaries over the period,” S&P said.

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