Fitch affirms Icici Bank

Fitch Ratings said it affirmed Icici Bank Ltd.'s long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, long-term senior debt rating at BBB- and long-term rating of its perpetual hybrid debt and upper tier 2 subordinated debt at BB.

The outlook is stable.

The rating may be downgraded if the bank's asset quality, which is already showing signs of weaknesses, deteriorates more than anticipated, Fitch said. This may put further pressure on the bank's funding, particularly for its growing international business and possibly leading to a liquidity problem, the agency said.

The bank enjoys strong support from the government thanks to its systemic importance as India's second largest domestic bank, Fitch said. Although the bank's financial profile has weakened over the past year or so, its overall financial condition still remains adequate, the agency said.

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