Moody's affirms Icici

Moody's Investors Service said it affirmed all existing ratings of Icici Bank Ltd. with their stable outlook.

Moody's said it has lowered the bank's baseline credit assessment from Baa1 to Baa2, which is the highest BCA level assigned to Indian banks, but under Moody's methodology, the bank's other assigned ratings remain unchanged, as follows:

• Bank financial strength rating of C-, global local currency deposit ratings of A2/P-1, foreign currency deposit ratings of Ba2/NP (constrained by the foreign currency deposit ceiling), foreign currency senior debt rating of Baa2 (constrained by the foreign currency debt ceiling), foreign currency subordinated (lower tier 2) debt rating of Baa2, foreign currency junior subordinated (upper tier 2) debt rating of Baa2 and foreign currency perpetual non-cumulative (hybrid tier 1) debt rating of Baa2.

All ratings carry a stable outlook.

The deposit and debt ratings, which continue to factor in imputed systemic support as earlier, remain unchanged, while the C- BFSR remains unchanged but has weakened within its current category, the agency said.

"Moody's view that Icici Bank's BCA should be aligned to the same level as rated peers, takes into account the challenges faced by it in maintaining its strong earnings profile, its good asset quality as well as its capacity to refinance its foreign currency funding needs in the currently difficult global markets," said Nondas Nicolaides, lead analyst at Moody's for the bank.

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