Fitch: No change for ICICI Bank

Fitch Ratings said the provisioning requirements disclosed by ICICI Bank Ltd. for mark-to-market losses on its international investments portfolio is unlikely to impact the bank's capital ratios in any significant manner or affect its long-term issuer default rating of BBB-, short-term issuer default rating of F3, individual rating of C and support rating of 2.

The losses reflect the widening credit spreads in the international markets, with a greater impact on ICICI's $2.2 billion credit derivatives portfolio compared to its fixed-income portfolio, Fitch said.

While the break-down of the underlying credits has not been disclosed, the bank has mentioned that more than 60% of exposure in the credit derivatives portfolio is to Indian corporates and that there is no material direct or indirect exposure to U.S. subprime credit, the agency said.

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