S&P: Icici Bank supported

Standard & Poor's said that credit fundamentals of Icici Bank Ltd. (foreign currency counterparty credit rating BBB-/stable/A-3) continue to be sound, backed by strong market position in the domestic banking industry, adequate financial profile, which is supported by its healthy capitalization, satisfactory loan quality and diversification.

The agency said that the overseas loan and credit derivative portfolio of the bank, including its overseas subsidiaries, is predominantly to Indian companies for their Indian and overseas operations and hence its quality is largely dependent on corporate credit quality and economic conditions in India.

Given expectation of continued strong growth in India's economy, despite some moderation in growth in the near term, credit losses in this portfolio are not expected to be significant, at this moment, the agency added.

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