S&P: Icici Bank program on positive watch

Standard & Poor's said it placed its A-1 short-term issue credit rating on Icici Bank Ltd.'s (foreign currency, BBB-/stable/A-3) $300 million U.S. commercial paper program on Creditwatch with positive implications.

The agency said that this follows its rating action, where it placed its A/A-1 counterparty credit ratings on Fortis Bank SA/NV on Creditwatch with positive implications.

S&P added that the issue is supported by an irrevocable $300 million direct-pay letter of credit issued by Fortis Bank.

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