Moody's rates Icici Bank UK note Baa1

Moody's Investors Service said it assigned a Baa1 rating to Icici Bank UK plc's upcoming five-year senior debt issue of up to $500 million. Icici Bank UK is a wholly owned subsidiary of Icici Bank Ltd.

The outlook is stable.

The agency said the Baa1 long-term debt and bank deposit ratings and the P-2 short-term bank deposit rating of Icici Bank UK reflect the unquestionable support from Icici Bank Ltd, the likelihood of a moratorium on foreign-currency debt in India, reflected by the Baa2 foreign-currency debt ceiling, and Moody's opinion on the likelihood of support from Icici Bank being caught up in any moratorium put in place by the Indian financial authorities. The agency also believes that the Reserve Bank of India may also be forthcoming in case of need given the possible reputational damage to the parent bank and any potential systemic risks for the Indian banking system.

Furthermore, Icici Bank UK is the largest operation outside India of the Icici group, is an integral part of the group's international strategy and shares the same name and brand, Moody's said.

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