S&P rates Icici Bank notes BBB-

Standard & Poor's said it assigned its BBB- issue rating on the £350 million senior unsecured three-year fixed-rate notes due 2010 by Icici Bank Ltd. (foreign-currency BBB-/stable/A-3), acting through its Bahrain branch.

These notes are being issued under the bank's current multi-currency $5 billion medium-term note issuance program. Under the program, 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.

Proceeds will be used to meet the funding requirements of Icici Bank's international operations and for general corporate purposes.

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