S&P rates Icici CP A-1+

Standard & Poor's said it assigned an A-1+ short-term issue rating to Icici Bank Ltd.'s (foreign currency BBB-/stable/A-3) proposed $500 million U.S. commercial paper program.

The program is the second one established by Icici and is supported by a $500 million irrevocable direct-pay letter of credit issued by Bank of America NA (AA+/stable/A-1+).

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