Moody's rates Icici Bank CP Prime-1

Moody's Investors Service said it assigned a Prime-1 rating to the commercial paper issued by Icici Bank Ltd. (rated Ba2/not-prime/C-) through its $500 million fully supported commercial paper program.

Icici, acting through its offshore banking unit in Mumbai, its Hong Kong branch and its Bahrain branch will issue commercial paper notes and will use the proceeds for general corporate purposes.

Each entity will issue its own series of commercial paper. Bank of America, NA (Aaa/Prime-1/A) has issued an irrevocable, direct-pay letter of credit that provides full and timely support for the repayment of each series of commercial paper notes upon maturity.

Moody's said its rating on the notes is based primarily on Bank of America's prime-1 rating.

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