S&P rates Icici Bank notes BBB-

Standard & Poor's said it assigned a BBB- rating to the $2 billion 6 5/8% senior unsecured notes due 2012 to be issued by Icici Bank Ltd. (BBB-/stable/A-3) through its Bahrain branch.

Proceeds will be used for general corporate purposes.

The issuer can redeem the notes at any time at a make-whole redemption price equal to the greater of par and the present value of the balance scheduled principal and interest payments, S&P said. In addition, the issuer has the option to redeem the notes if it has or will become obliged to pay additional amounts on account of a change in tax laws that require the issuer to deduct tax.

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