S&P rates Icici Bank notes BBB-, BB+, BB

Standard & Poor's said it assigned its ratings to Icici Bank's proposed debt issues under its $5 billion MTN program.

S&P said it rated Icici Bank's proposed senior unsecured notes BBB-, its lower tier II subordinated notes BB+ and its upper tier II subordinated notes and hybrid tier I notes BB.

The lower tier II subordinated notes will have a minimum maturity of five years, or 63 months if issued between Jan. 1 and March 31 of any year and the upper tier II subordinated notes will have a minimum maturity of 15 years, the agency said, adding that the hybrid tier I notes are perpetual.

The proposed MTN program is an expansion of Icici Bank's earlier $1 billion program, which was rated by S&P on July 23, 2004.

According to the agency, the proceeds of these issues will be used to meet funding requirements of international operations and for general corporate purposes, subject to regulatory approvals.

The rating differential between the senior unsecured notes and the lower tier II subordinated notes reflects the latter's subordinated nature, S&P said, adding that the BB rating on the upper tier II subordinated notes and hybrid tier I notes reflects an interest deferral option on these notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.