S&P rates Icici Bank floaters BBB-

Standard & Poor's said it assigned its BBB- rating to the proposed senior unsecured two-year €500 million floating-rate notes to be issued by Icici Bank Ltd. (foreign currency BBB-/stable/A-3), acting through its Singapore branch.

These notes are being issued under the bank's multicurrency $5 billion medium-term note issuance program, the agency said.

Under the MTN program, S&P said that the senior notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations and ahead of all subordinated debt issues.

The proceeds of the issue will be used to meet the funding requirements of the bank's international operations and for general corporate purposes, subject to regulatory approvals, S&P added.

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