Fitch affirms Icici Bank

Fitch Ratings said it affirmed the BBB- long-term foreign-currency issuer default rating of Icici Bank Ltd., together with its F3 short-term foreign-currency issuer default rating. The individual and support ratings are affirmed at C and 2, respectively. The support rating floor also remains unchanged at BBB-. The agency also affirmed the BBB- long-term senior debt rating and the BB long-term rating of the bank's perpetual hybrid debt and upper tier 2 subordinated debt.

The outlook is stable.

The ratings continue to reflect the bank's well-managed growth and leading market positions in consumer loans and international business, the agency said. The rating of the hybrid and upper tier 2 subordinated debt instruments are notched in accordance with Fitch's methodology for rating such instruments.

Icici's ability to raise equity frequently enables the bank to satisfactorily address any latent asset quality problems and fund its future growth, the agency added. The bank plans to double its equity by raising the equivalent of $5 billion from the Indian and international markets, Fitch added.

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